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Form No. 37-5M-4-31 



JANUARY- 1923 


On the lee shore of Catalina Island, off the coast of Southern California. Here one may 
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Head Office 

Volume 7 JANUARY, 1923 Number 1 


221971, .„„.,„ 

l^ank of 31'talp x ^"^7. % V 

^atoings - - liommcrtial -Cruet 

San Francisco, California. 
January 23, 1923. 

T.o Uy Fellow Officers: 

The splendid showing made by our institution in the 
past year, during most of which time I was abroad, has demon- 
strated, I trust, to the satisfaction of all, that the Bank 
of Italy possesses in you a most loyal, efficient, and able 
corps of executives. 

The smoothness and effectiveness with whioh the bank 
functioned during my absence was even more gratifying to me 
upon my return than vras my observation of the adoption by so 
many of the former oritics , of the system of branch banking 
whioh we have so successfully pursued during the past fifteen 
years . 

I was also greatly pleased to observe how proudly 
and faithfully the servioe pin is being worn by all of o*ur 
men and women; and in this connection , I cannot adequately 
express how highly I prize the pin, in platinum and diamonds, 
- your very generous and thoughtful gift - with which I -.tos 
presented upon my return. 

I have never before worn an insignia of any kind, 
but I am wearing, and shall always deem it a proud privilege 
to continue to display this handsome emblem, not because of 
its intrinsic worth and beauty, but because it is gratefully 
accepted as a tribute of loyalty and affection from you, my 
esteemed co-workers . 

I thank you most cordially for all that you have 
done for the bank and for me, and confidently count upon a 
continuation of your loyal cooperation towards the ever 
increasing prosperity and prestige of oir great institution. 

Very sincerely yours. 

C2G^^ _, 

c President. . \ 

JANUARY, 1923 

Bankitaly Life 


Bank of Italy Library 

Miss Ferguson, 

The Bank of Italy 
has established a li- 
brary on the fifth 
floor of the head of- 
fice, with Miss K. 
Dorothy Ferguson as 

A library (from 
Latin liber, book), in 
the modern sense, is 
a collection of print- 
ed or written litera- 
ture, therefore the 
term "library" is oft- 
en misleading as ap- 

plied to a business, a corporation or a 
bank. A "research" or even an "infor- 
mation" department would be a more 
appropriate name. Then too, the word 
"library" often conjures up pictures of 
dimly lighted rooms, filled with book- 
cases, in which signs admonishing 
"silence" are everywhere in evidence. 
Our Aim 

The Bank of Italy library aims to 
collect data on banking subjects and to 
arrange such information so as to make 
it available for the immediate use of all 
who may be interested. In the develop- 
ment of this work we shall invade not 
only financial but economic, industrial 
and agricultural fields. 

Books will form but a small part of 
our bank library, for while some refer- 
ence volumes are indispensable, gener- 
ally speaking "book" information is 
not specific enough and besides it soon 
becomes obsolete in comparison with 
more recent newspaper, magazine and 
government publications, particularly 
those that deal with technical subjects. 
Service Outlined 

Newspaper material is clipped and 
arranged in folders by subject. Maga- 
zines are scanned for items of interest 
to the bank and a subject card index 
file is made. Pamphlet material is also 
filed according to subject and the same 
subject headings are used in the three 
files, in order to simplify the search for 
material. The librarian sends news- 
paper clippings to those interested in 
any subject. Likewise magazines are 
distributed to departments requiring 
special information and all library ma- 
terial is available at any time, on 

Our library will be equipped with 

standard books on banking, so as to 
supplement the work of the American 
Institute of Banking. As the Bank of 
Italy library will grow only in import- 
ance and in proportion to the use made 
of it, let our slogan be "When in need of 
data consult our library, or call Local 
427." What we may not have in the way 
of desired information, we shall en- 
deavor to obtain from city or state 

"California" Number Praised 

Development Association Has Kind 
Words for Bankitaly Life 

Herewith is copy of letter addressed 
to President Giannini in acknowledg- 
ment of our special edition relating to 
our State's resources: 
California Development Association 
Ferry Building, San Francisco 

February 23, 1923. 
Mr. A. P. Giannini, 
Bank of Italy, 
San Francisco. 
Dear Mr. Giannini: 

The "California" issue of Bankitaly 
Life has just reached my desk. 

I do not remember ever receiving a 
more colorful, forceful and beautiful 
publication than this. It is a work of 
art, something that your Bank and Pub- 
licity Department may well be proud 
of, and, further, the kind of advertising 
that is not only a benefit to the Bank 
of Italy but will react to the benefit of 
our State as a whole. 

Please accept the sincere congratula- 
tions of the California Development 

Cordially yours, 

Norman H. Sloane, 


Unwise to Certify Undated 

Opinion of T. B. Paton, General Counsel 
American Bankers Association 

It is not wise to certify an undated 
check. While an instrument without a 
date is, according to the Negotiable 
Instruments Law, valid and negotiable, 
still for commercial completeness there 
should be a date, and, as certification is 
not obligatory but only optional with 
the bank, the better practice would be 
to refuse certification. 

JANUARY, 1923 

Bankitaly Life 


Business Correspondence 

Article III 
The Beginning of the Business 
By W. J. Marra 


From salutation to 
signature, the busi- 
ness letter must be 
such as to interest 
and hold the reader's 
attention. The very 
first sentence in the 
letter, therefore, 
should be a positive 
yet courteous sen- 
tence that not only 
attracts but leaves a 
definite impression. 
W. J. Marra 

'Get your reader 
past the first six words and his attention 
is yours," says an expert correspondent. 
In that first sentence, the writer has his 
great opportunity. If the proper im- 
pression is made, the reader is put into 
a receptive mood for the message that 

In order to do this, however, a corre- 
spondent must write a real story. He 
must search out and present to the 
reader those ideas that are important 
to him. By thus understanding and 
presenting the subject matter from the 
reader's viewpoint, the latter is ready 
and willing to understand the writer's 

Banking letters, which stress particu- 
larly the "service viewpoint," must of 
necessity be personal and friendly in 
tone. If the attitude taken by the 
writer in the very first sentence be 
friendly, cooperative, and courteous, 
the effect upon the reader will be posi- 
tive in its results. On the other hand, 
if the beginning be stereotyped, only 
half-formed, ungrammatical, or jerky, 
a first impression is left which usually 
antagonizes the reader and, therefore, 
is negative in results. 

Avoid Stereotyped Expressions 
Notice the different impressions left 
by the following hackneyed or stereo- 
typed beginnings, that should be 

1. "Herewith copy received of tele- 
gram of 15th inst. Replied to 
same per instructions attached 

2. "Pursuant to your favor of the 
29th ult. referring to order for 

3. "We beg to acknowledge receipt 
of your favor of the 20th inst. 
complaining about your order. 
Same is being referred to our 
Complaint Dept., which will no 
doubt answer you soon." 

4. "Thank you for writing to us so 
frankly, in your letter of March 
1 , about the error made in your 
February statement." 

Phrases used in the beginnings of 
letters (as illustrated) serve usually 
only as "space-fillers,'' for they do not 
strike a responsive chord in the reader. 
Moreover, such phrases actually hinder 
the expression of the real message in- 
tended for the reader. At the same 
time, they become such convenient ex- 
pressions to use, that the average 
writer, by using them, soon loses all 
initiative, personality, and opportunity 
to impress. 

The best method is to begin a letter 
in a simple conversational tone, usually 
stating the subject and the reasons for 
discussing it with the reader. In that 
way, the latter is interested and reads 
on to get the full message intended 
for him. 

Assume ihe "You" Attitude 

The moment you avoid the use of 
stereotyped expressions, you will inev- 
itably find yourself assuming a "you" 
attitude. You will realize that a con- 
versational, easy method of opening the 
letter will not allow you (unless you are 
egotistical) to talk about yourself, your 
business, your desires, etc., until you 
first show some connection between 
them and the reader's welfare. Try to 
couple his needs with your problems. 
By doing so, you will pave the ground 
for talking about and explaining your 
own problems later on in the letter. 

In this connection, it is well to re- 
member that the old maxim, "Never 
begin a business letter with I," is based 
upon good sense. It might be well to 
expand the maxim so as to include 
"we" as well as "I." In other words, 
neither the institution nor the writer 
should be given a prominent place in 
the beginnings of letters, but only 

"you" the reader. This practice of 

looking at and expressing the problem 
from the reader's viewpoint is the real 
backbone of correct letter writing. 
Handling ihe Acknowledgment 

Although the beginning of a letter is 
the place where a previous letter is 
(Continued on page 9) 

JANUARY, 1923 

Bankitaly Life 



acknowledged, this thought should, 
however, play only a secondary part in 
the initial message conveyed to the 
reader. It is true that courtesy de- 
mands an acknowledgment of a letter 
received, while it is also true that this 
acknowledgment is a necessity for filing 
purposes. Nevertheless, these necessi- 
ties should not make for a hackneyed 
formality out of a simple thought. 

For example, notice how the follow- 
ing incorrect acknowledgments of let- 
ters received, completely fill up the 
opening sentence: 

1. "We beg to advise that we have 
received your favor of the I Oth 

2. "We acknowledge with thanks 
your letter of March 2 with en- 
closed check." 

3. "Replying to your recent inquiry, 
we are sending our latest cata- 

Contrast these with the following 
correct beginnings: 

1. "We are very glad indeed to send 
you a copy of our booklet, 'Bank- 
ing by Mail,' as requested in your 
letter of March 3." 

2. "We have already credited your 
account with $50 to adjust the 
error mentioned in your letter of 
February 28." 

In each one of the latter openings, a 
statement of importance to the reader is 
the important idea brought out, with 
the acknowledgment playing only a 
secondary part in the sentence. 

In conclusion, have the beginning of 
a business letter: 

1 . Personal and individualistic — not 
hackneyed or stereotyped. 

2. Assume the "you" attitude. 

3. Make an important statement to 
the reader rather than a mere 
acknowledgment of a letter re- 

A Shakespearean "Revival" at 
the Head Office 

A few weeks ago Romeo Moretti was 
seen engaged in an earnest conversa- 
tion with Juliette Atkinson. Then our 
Shakespearean scholars immediately 
got busy and began quoting rather 
copiously from "Romeo and Juliet." 
That, however, did not faze our friends, 
who, of course, were discussing a 
strictly business matter. 

The Origin of Clocks 

Submitted by Our Park-Presidio Branch 

The intense interest shown in the 
big clock that adorns the front of our 
building and which at all "time" serves 
our neighborhood so "faithfully," seems 
to have evoked some curiosity as to 
the origin of clocks. We therefore ob- 
tained data on this subject from which 
we have gleaned that primitive man 
did not worry much about the time. 
He rose when daylight woke him, and 
went to bed at dark. For the rest he 
was content to know that the sun's 
highest point meant that the middle of 
the day had come, and that when it 
was sinking towards the horizon it was 
time for him to seek his cave. 

Later he watched the moving shadow 
of his spear standing upright in the soil. 
From this shadow he conceived the idea 
of the oldest of all clocks, the sundial. 
But it had one serious disadvantage; it 
marked only the sunny hours, taking no 
account of those that passed by night. 
The Water-Clock 
His next idea was the water-clock 
which has been in use among the peo- 
ples of the East for more than four 
thousand years. This consisted of a 
vessel filled with water upon whose 
surface was a float provided with a 
long peg. A hole in the bottom of the 
vessel allowed the water to escape 
gradually, lowering the peg as its level 
sank. The peg was marked off into 
divisions, each of which showed the 
distance fallen in one hour. A glance 
at the height of the peg above the rim 
of the vessel showed the exact time by 
day or night. 

The Hour-Glass 
Next came the hour-glass, one form 
of which is still used to measure the 
three and a half minutes needed for 
boiling an egg. This was followed by 
the hour-candle, a "dip" divided into 
rings, each of which represented an 
hour's burning. 

The mechanical clock was suggested 
by the human pulse. If you know the 
rate of your pulse you can measure off 
a minute quite easily. Make an instru- 
ment that will swing, beat, or tick in 
the same consistent way, and the clock 
comes into being. 

The problem was solved when some- 
one got the idea of the pendulum by 
watching the rhythmic swing of a ma- 
son's plumb-line. 

JANUARY, 1923 

Bank Italy Life 


Our Burglar Alarm System 

Reasons Impelling the Introduction of 

an Electrical Alarm for the Added 

Security of Our Vaults 

Five hundred years before the birth 
of Christ there was founded in ancient 
Babylon the famous Banking House of 
Egibi. The vaults of this bank, en- 
closed in great walls of masonry, were 
reached only through subterranean 
passages guarded by armor-clad sol- 
diers day and night. This was the be- 
ginning of the battle, that has been 
steadily waged ever since, between the 
Bank and the Bank Burglar. 

The Craving for Safety 

Whatever adventurous impulse at 
times inspires the actions of man, there 
is ever present in his nature a craving 

that is fundamental the craving for an 

assured place of safety for his person 
and for his property. And though self- 
confidence and habit may dull the edge 
of his instinct for self-preservation, his 
anxiety for the safety of his material 
possessions is quieted only by having 
for them a place safe from the attacks 
of burglars. 

This demand for a place of safe- 
keeping primarily brought into exist- 
ence the institution termed a bank; and 
whatever varied and complex services 
are now performed by the modern 
bank, the fact remains that this human 
craving for a stronghold for property is 
the foundation upon which the business 
of banking was erected and upon which 
it will ever stand. 

More than a quarter of a century 
ago it became evident that the contest 
between the burglar and those striving 
to devise effective physical resistance to 
the burglar's attacks, was becoming a 
case of "Nip and Tuck." Close upon 
the appearance of heavy construction, 
swiftly came evidence that burglars had 
found a way to overcome it. 

Physical Barriers Become Obsolete 

The decision was forced that the 
battle between the bank and the bur- 
glar must take on a new character and 
that the bank must adopt new tactics, 
introducing something more than phys- 
ical resistance, if the bank was to retain 

the confidence of the public that the 

fight, if possible, must be carried to 
the burglar. 

The logical solution of the problem 
was found to lie in the same source 
from which great generals, and great 

financiers, too, have usually plucked 
the laurels of victory that is, knowl- 
edge of human nature. 

Here was found the secret of dealing 
with the burglar, and here was found 
and recognized for its full value the 
all-important truth that the burglar has 
one exceedingly sensitive and vulner- 
able point — his fear of an alarm while 
at work, which might result in death or 

The Fear of Discovery 

Every bank burglar has two vivid 
high lights in his consciousness. One is 
his greed and the other is his fear. Of 
the two he is more conscious of fear, so 
keenly conscious, in fact, that though 
he may strive to concentrate his senses 
upon the job in hand, his whole being 
is intensely and painfully alive to the 
slightest sound, to any unusual noise; 
and his ears may be said to struggle to 
reverse themselves upon his head and 
his eyes turn backward in their sockets 
in apprehension of discovery. 

The problem, then, was to destroy 
the burglar's morale by a sharp attack 
upon his nerves already taut and 
vibrant with fear. 

Thus was born the idea of electrical 

protection for banks for what agency 

known to man is better fitted than elec- 
tricity to produce a nerve-shattering 
jolt for the burglar? 

"Alarming" Effects 

No gang of burglars engaged in an 
attack upon a bank will ever stand for 
one moment against the clangor of a 
big electrical gong. The alarm during 
such an attack may bring a posse of 
citizens or police to the bank, but unless 
they arrive instantly they will find no 

burglar there he will have departed 

on the wings of panic. 

Investigation by criminologists, the 
offering of rewards, every effort that 
could be made has failed to bring to 
light any case where burglars have 
continued their work on a job after the 
sounding of any kind of an alarm bell 
on the premises. The proper function 
of a burglar alarm is to instantly stop 
the attack and drive the burglars from 
the premises. It has always done it. 


The central file on the fourth floor 
of our Head Office, called the "Findex," 
simplifies and coordinates data about 
all our bank's clients. As a ready refer- 
ence, it is an unqualified success. Try it. 

JANUARY, 1923 

Bankitaly L i f 



Published by and for the Officers and 
Employees of the 

Bank of Italy 

F. R. Kerman, Associate Editor 

San Francisco, Cal. 
JANUARY. 1923 

Editorial Notes 

The illustrations that embellish the 
present issue of our house organ cover 
a variety of subjects, some showing in 
a striking manner a few of the activ- 
ities that mark our bank's progressive 
program. The two colored covers 
feature natural and historic scenes in 
our State. The half-tone print of our 
calendar, on page 2, recalls to our 
minds that "the years roll on, more 
gently, but with not less mighty sweep." 

The view of the crowd at the open- 
ing of our new Sacramento building is 
indicative of the good will manifested 
toward our bank. The likeness of our 
athletes shows that this bank is not 
unmindful of the importance of encour- 
aging the development of our phy- 
siques as well as of our intellects. 

The radio broadcasting scene show- 
ing a "thrift" message being sent out 
into the world by our bank's repre- 
sentative, is characteristic of the atti- 
tude that has always marked our bank's 
operations, in helping to instill habits 
that are calculated to promote the com- 
mon welfare. That the "social" side 
of our bank's life is also considered im- 
portant must be evident from the large 
picture of our annual costume party, 
in which the very appearance of all the 
participants registers their unmistakable 

Portions of our nation's glorious his- 
tory are revived by presenting pictures 
of Roosevelt and Taft, two former Pres- 
idents of the United States who have, 
within our memory, played very honor- 
able parts in our national existence. 
The pictures of the personnel of sev- 
eral branches are shown in order to 
help promote a better acquaintance 
with these co-workers whom we seldom 
meet. A picture of the 50-ton vault 
door installed in our new Los Angeles 
headquarters is proof that the Bank of 
Italy, in providing unusual equipment 
for its head office and branches, is 
animated by a sincere desire to protect 

its clients against the possibility of hav- 
ing their treasure "disturbed." 

In the reproduction of photograph 
showing children of the Monroe School, 
Stockton, nine different nationalities 
are depicted participating in the "cere- 
monies" attendant on the presentation 
to the school, by an officer of our bank, 
of a picture of President Monroe. This 
event may not have meant anything to 
the little boys and girls who appear in 
the group, but their elders know that 
when James Monroe enunciated the 
doctrine that European powers shall 
not intervene in American affairs or 
seize American territory, he raised an 
impediment to foreign aggression, that 
was a logical sequence to our Declara- 
tion of Independence. 

The selection of 
Consul General Fileti 
of San Francisco, for 
the post of Italian 
Minister to the Re- 
public of Ecuador, 
left a vacancy in local 
diplomatic circles, 
that was filled by the 
temporary appoint- 
ment of Armando Pe- 
drini, Vice-President 
Bank of Italy, to the 
position of Acting 
Consul General. As 
the incumbent of that important assign- 
ment, our esteemed associate was very 
properly called "General Pedrini." 

This pleased us greatly, not only on 
account of the honor bestowed on a 
worthy gentleman, but because we have 
always felt that our list of co-workers 
bearing military titles was incomplete 
without a "General." We have com- 
rades with ranks that range from Cor- 
poral to Colonel, but up to the present 
time we have had no General. 

General Pedrini 

Officers and Employees: — Your at- 
tention is respectfully directed to the 
central file at our Head Office. The 
operation of this file or "Findex" is 
even more intricate than its name im- 
plies. Any number of questions in rela- 
tion to our clients, from a list of eighty 
subjects, may be asked, and proper 
answers given. Lists or special groups 
of names may be obtained in a few 
minutes, through this extraordinary 
labor-saving device. Learn to use this 
wonderful time-saver. It is a proven 

JANUARY. 1923 

Bankitaly Life 


Head Office News 

Miss Gibbons 

Miss M. B. Gibbons, assistant secre- 
tary, has been named assistant director, 
women's banking department, at Sev- 
enth and Olive Streets, Los Angeles. 
Miss Gibbon's women associates, nearly 
40 of them, gave a dinner in her honor 
at the Hotel Stewart, on the eve of her 
departure, on which occasion the 
highly respected guest was presented 
with a platinum wrist watch. Mar- 
guerite concluded an eloquent speech 
of acknowledgment by kissing every 
person at the banquet. Only ladies 
were present. 

Herman R. Erkes, comptroller, has 
been appointed manager of our Broad- 
way branch in Los Angeles, that will 
function, when the present Broadway 
staff moves to Seventh and Olive 
Streets. Herman was given a beautiful 
desk set as he departed for his new 
station. That Mr. Erkes will be remark- 
ably successful and particularly happy 
in our sister city of Los Angeles, is the 
fervent hope of all his associates at the 
head office. 

R. B. Burmister now carries the dual 
title of vice-president and comptroller. 
Mr. Burmister's very valuable and ex- 
tensive experience as a banker will 

serve to lighten his added responsi- 

H. A. Nater, assistant vice-president, 
in charge of our "industrial savings" 
department, reports deposits in excess 
of $500,000.00 standing to the credit 
of over 8,000 depositors, one-fifth of 
whom are Uncle Sam's sailors and ma- 
rines. The importance of imparting 
lessons in thrift to our country's de- 
fenders is incalculable, for our boys of 
the navy should be taught to "fight" 
improvidence as an insidious foe. We 
hope, some day, to see this economic 
movement extended to the army. 

Alfred Fenton of our inspection staff 
has succeeded Major Milton Epstein on 
the second floor as an executive of the 
personnel department, while the Major 
has taken up new duties on the first 
floor as an official in the general bank- 
ing department, with Messrs. Gock, 
Williams and Del Monte. We congrat- 
ulate Milton and Alfred on their mer- 
ited promotions to more important 

It is said a young lady of our steno- 
graphic staff has such a sweet, tuneful 
and melodious voice, that she is invar- 
iably asked by one of our young officers 
to "read back" every letter he dictates. 
"Algernon" has been warned that un- 
less he desists, he will have to use a 

"dictaphone" and it would serve him 

right, because this is not a school of 
oral expression. 

Someone recently referred to Wil- 
liam Henry Snyder as a vice-president. 
Bill quickly resented what was really 
intended as a compliment, by saying he 
was not a vice-president and that he 
considered his title of "chief examiner" 
about "two jumps" ahead of "vice- 

Joseph E. Newman, in charge of our 
information desk, has been under the 
doctor's care for a short time, during 
which his medico insisted that he let 
his hair grow. This he has done, until 
now Joe, in his elevated station, is be- 
ginning to look as Joaquin Miller, Poet 
of the Sierras, used to appear when he 
gazed from his beloved "Hights" over 
Oakland, down into the busy world 
below. We are all hoping that Brother 
Newman will not start writing poetry, 
as a result of his hair-growing pro- 

(Continued on page 19) 



Y 4fV 



Courtesy Taft Branch, Bank of Italy. 
Left, Theodore Roosevelt; right, William Howard Taft. This picture was taken on March 4, 1909, 
the day on which Taft was inaugurated President of the United States. 

JANUARY, 1923 

Bankitaly L i f 



Kun Fan Chen 

KKun Fan Chen, na- 
tive of China and 
graduate of Harvard, 
» Class of 1922, who 

has been studying 
American banking 
practice with us, has 
left for his home in 
Shanghai. Chen 
maintains that a sym- 
\ pathetic understand- 

ing is the only lasting 
foundation on which 
commercial inter- 
course between America and China can 
be developed. He therefore feels that 
his former connection with our bank 
is going to be of material assistance to 
him as a Chinese banker, for while 
here he absorbed many helpful interna- 
tional ideas. 

Mrs. Edward Dexter Knight, director 
women's banking department, has been 
elected president of the San Francisco 
Women's Building Association. In out- 
lining the plans of this organization 
Mrs. Knight says that to all women, 
the Women's Building comes as the 
satisfaction of a long-felt need. Created 
as a non-profit, literary, social, benevo- 
lent, and co-operative organization, it 
will constitute a center where women 
at home, in professional and industrial 
life, and women in every field can meet 
on a common ground, to discuss com- 
mon problems, and participate in com- 
mon interests. The valuable contribu- 
tion of the club women to public life 
has been greatly hampered in the past 
by the lack of a centralized place from 
which they could most fully confer the 
benefits of their zealous interest in all 
the activities of womankind. To these 
women, the building, for whose origin 
their great work is largely responsible, 
will provide the means for bestowing 
the full bounty of their wisdom and 
experience upon the community. 

Within the past month we have had 
visits from the infant sons of Lloyd 
Mulit, vice-president, and Fred Miche- 
letti, assistant manager, International 
branch. Miss Dorothy Kieferdorf also 
appeared on the scene accompanied by 
her father, our trust officer. The three 
children did not evince an interest in 
any bank activity except that in which 
their daddies participated. 

Marysville, Rideout Branch 

Among those who "stepped in" to 
greet our Sacramento co-workers on 
the opening day of their magnificent 
new building, were our Miss Elsie 
Elder and Messrs. Swain and Biggs. 
We are now encouraged to think that 
Marysville, like Sacramento, will soon 
be considered deserving of modern 
banking facilities, because George Bord- 
well and Clarence Cuneo recently found 
our "plant" inadequate to meet the 
requirements of this part of superior 

Those branches who have chal- 
lenged our bookkeeping team are asked 
not to insist on a "showdown" until 
our new accountants attain the effi- 
ciency of George Schwedhelm, who was 
formerly on our individual ledgers, but 
who is now general bookkeeper. 
George is giving his "cubs" some valu- 
able pointers that will promote not 
only accuracy, but rapidity. 

We believe that many members of 
our bank's staff throughout the state 
are members of such lunch clubs as the 
Rotarians, Lions, Kiwanis and Pro- 
gressive. The representatives of our 
bank in these clubs are usually officers 
and of course our very young men do 
not participate in their deliberations. 
In order to provide for the "younger 
set," an Achaean Club has been organ- 
ized here, in which our junior citizens 
are particularly welcome, while their 
"seniors" are not debarred by any 

Anent the Achaean Club, our branch 
has four active members already en- 
rolled, Messrs. Coats, Hill, Curl and 
Carroll; Wesley Owen of the First Na- 
tional Bank also being a member. The 
motto of this club is "It shall be done," 
and as the membership is fired with 
youthful enthusiasm, all subjects worthy 
of serious consideration are given an 
impetus worthy of the importance of 
the topic under discussion. 

Oroville will soon have an Achaean 
Club and our branch, through the 
young gentlemen mentioned, will be 
glad to assist in developing this Cali- 
fornia organization by giving particu- 
lars of its operation to any branch that 
may be interested in the formation of a 
club. Address all communications to 
T. P. Coats, Jr., Secretary Achaean 
Club, Rideout Branch, Bank of Italy, 
Marysville, California. 

JANUARY, 1923 

Bankitaly Life 


San Miguel Branch 

We are submitting, 
with this month's 
contribution to our 
house organ, photo- 
graph of Mr. Pen- 
dery, in charge of 
this branch, and are 
glad to finally relieve 
the suppressed anxi- 
ety of our readers to 
see a picture of our 
chief. Some day we 
shall line up our 
whole staff, just as 
Fresno did, for a group picture of the 
San Miguelians. 

The generous precipitation of moist- 
ure here this season, or, as they say in 
Paso Robles, "the heavy rains," is to 
our minds the precursor of a bountiful 
harvest for this section during the pres- 
ent year. 

The article on "agriculture" by 
Emmet Cunningham, manager of our 
Merced branch, that appeared in the 
"California" number, Bankitaly Life, 
was a most interesting and concise 
exposition of a subject that is, in the 
last analysis, the real basis of our na- 
tion's wealth. 

F. B. Penden 

Market-Geary Branch 

Every day in every way our business 
is getting better and better. 

Miss Kreiss, formerly of the filing 
department, head office, has been trans- 
ferred to our branch. She has revised, 
remodeled and renovated our files "be- 
yond recognition." We mean this, 
however, as a compliment. As Marian 
wears a beautiful ring on a certain 
finger, we are wondering how much 
longer our files are to be kept in such 
perfect order. 

Our staff went to Hampton Shoal 
Lighthouse on January 1 4, where we 
spent a most enjoyable day fishing. 
Our Mr. Longwell landed 1 4 crabs 
(legal size), while George Ferroggiaro 
hauled in 1 big rock cod. Jesse Marks' 
contribution was a "handsome" star- 
fish, while A. Armanino was a great 
success as chef. The trip was arranged 
under the intelligent direction of our 
special officer, J. J. Cadden, and we 
are surely grateful to him. 

Bakersneld Branch 

J. D. Lumis has been appointed 
assistant cashier and is the recipient of 
very sincere congratulations from his 
associates and friends. John has worked 
up from a junior clerkship until he is 
now an executive of the largest bank in 
western America. 

We accepted an invitation from 
Fresno to attend a dance scheduled to 
take place after the basket-ball game 
between the head office boys and a 
team from the Raisin City branches. 
This social was not intended by Fresno 
to celebrate an expected "victory" over 
the San Francisco visitors, but merely 
to cement the cordial relations between 
the Bay City, Fresno and Bakersfield, 
and it surely did that. 

Merrill Johnson, exchange teller, is 
now in a position to demonstrate the 
truth of the old saying that "two people 
can live as cheaply as one." All who 
may be interested should address Mr. 
Johnson, but be sure to enclose a 
stamped envelope for a reply, as Mer- 
rill is anxious to keep within his former 
"bachelor" budget, so as to actually 
prove that two can really live as eco- 
nomically as the trite saying indicates. 

Vice-president John S. Henton is 
chairman of the Kern County commit- 
tee of group 2, C. B. A., having charge 
of the educational work of the associa- 
tion. Real forensic talent is being de- 
veloped, for besides Mr. Henton, 
Messrs. Dimon, Bennett and Lumis of 
our staff are "looming" up as coming 
spellbinders. Yes, we favor the idea of 
a speakers bureau in our organization 
"as advocated by Marysville in the No- 
vember number of Bankitaly Life. Such 
a plan would insure a supply of oratory 
at short notice, to meet almost any 
contingency from an informal dinner 
gathering to a discussion of profound 
banking topics. Will one of our readers 
make a "motion" to organize a Bank 
of Italy "Chautauqua"? 

Vice-president W. E. Benz (examin- 
ing applicant for a loan) : "What is the 
amount of your liquid assets?" 

Prospective Borrower: "About a 
case and a half." 

A Fellow, listening in: "That is just 
about 'Wright'." 

Recess declared for ten minutes, 
while "A. Fellow" was carried out. 

JANUARY, 1923 

Bankitaly Life 


Los Angeles Branch 

One of our head office men who 
makes frequent visits to Los Angeles at 
this time of year said, "There are very 
few banks where a man can work and 
spend his winters in Southern Cali- 

A jury composed of three eminent 
architects has issued a Certificate of 
Award to our new building at Seventh 
and Olive Streets as being the finest 
piece of commercial design erected in 
Los Angeles in the past three years. A 
large picture with the gold seal of the 
"jury finding" has been on exhibition 
in our Fine Arts Building at Exposition 
Park, where thousands viewed it. 

Our readers will remember the pho- 
tographic reproduction of Senator 
Cole, centenarian, that appeared in the 
October, 1922, issue Bankitaly Life. 
J. L. Williams, who was one of the 
party to greet the aged Senator, has 
turned over to us the gracious letter 
he received from the venerable Solon, 
in acknowledgment of the photograph 
sent him. We submit herewith picture 
of this letter of Cornelius Cole, con- 
temporary and friend of Abraham 


Vacaville Branch 

As the entrance of Vacaville into the 
Bank of Italy branch system may cause 
some readers of our house organ to 
wonder how we are located geograph- 
ically, we desire to state that we are in 
Solano County and enjoy the distinc- 
tion of being the first branch of the 
Bank of Italy to operate in this county. 

Vacaville was founded in 1851, hav- 
ing been laid out by William McDaniel, 
at the request of Manual Baca, hence 
the name Bacaville or Vacaville, "B" in 
Spanish being frequently pronounced 

Our branch is at the corner of 
"Main and Elizabeth" Streets. We men- 
tion this, because we have heard that 
our Livermore branch is located on 
"Lizzie" Street. As that is but a pet 
name, we suggest to Charles A. Smith, 
manager at Livermore, that steps be 
taken by him to have his town's famous 
boulevard designated Elizabeth, an ap- 
pellation that will be at least in keeping 
with the dignity and importance of his 
community in the rural life of Cali- 

Our valley has attained great fame 
for its early fruits and vegetables, that 
are invariably the first to reach the 
city markets. To John R. Wolfskill be- 
longs the distinction of having planted 
here the original orchard and vineyard 
in 1842. In 1854 A. W. Putnam and 
John Dolan began to develop the com- 
mercial side of truck farming by grow- 
ing vegetables for market, and their 
success led others to follow until our 
valley gained worldwide renown for the 
productiveness of its soil. 


"1 don't say that all lawyers are 
wicked," said the Doctor, "but you'll 
have to admit that your profession 
doesn't make angels of men." 

"No," retorted the lawyer, "you doc- 
tors certainly have the best of us there." 

Fresno Branch 

Since our Mr. Woodward's return 
from his trip to the Orient, and his all 
too brief account of it in Bankitaly 
Life, things have taken on a celestial 
tinge in this community that recently 
culminated in a Chinese banquet in a 
local restaurant, on China Alley. The 
guests of honor were our associates 
Bernhard and Sala. O. J. Woodward, 
vice-president, loaned his famous chef, 
Ah Sing, to assist in preparing the forty 
courses that comprised the menu. 
Knives and forks were tabooed in favor 
of chcp sticks, but after the twenty- 
third "round," it is said, the guests 
began to realize that fingers were made 
even before chop sticks. The contest 
was under Marquis of Volstead rules. 

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JANUARY, 1923 

Bank Italy Life 


Montgomery Street Branch 

:d life will b< 

irticularly joyous 

Montgomery Street branch submits 
picture, herewith, of Mr. Scatena, 
Chairman of our Board of Directors, as 
the "Boss" appeared about twenty years 
ago, when he was president of the L. 
Scatena Company and shipped Califor- 
nia products all over the world. 

Victor A. Caglieri and Arnold Gam- 
boni, our new assistant vice-presidents, 
take very kindly to their present re- 
sponsibilities, as do Mel Simpson and 
Ed. Arvedi, newly elected assistant 
cashiers. F. R. Kiser, recently ap- 
pointed chief clerk, completes a quin- 
tette of faithful young men at this 
branch on whom the Bank of Italy has 
recently bestowed well deserved honors. 

A. A. Henas, formerly assistant 
cashier of the Portuguese-American 
Bank, who was associated with us for a 
short time, is now affiliated with our 
Modesto branch. 

Joseph Zucchi of this branch and 
Marie Bozarth of the head office were 
married on January 1 4 at Sacred Heart 
Church, Miss De Zerga being brides- 
maid, and Marie's brother best man. If 
Mr. and Mrs. Zucchi are always as 
happy as we earnestly hope, their mar- 

Sam Campi of our supply depart- 
ment recently took eight of his 24 
nieces and nephews (one-third of 
them) to our Park-Presidio branch, 
where he opened savings accounts for 
each. A real "Uncle Sam" is Campi. 
It would be a fine idea if all uncles and 
aunts in our bank would do as much 
for their junior relations. 

Brevities: Dave Cuneo is quite a 

wrestling fan and a great admirer of 
Angelo Taraniaschi, the strong ice man 

of North Beach. Slim Harker of 

the stationery department challenges 
anyone of the Bank of Italy organiza- 
tion to a dancing contest, round, jig or 

buck and wing. Seventeen 

pounds, three ounces, was the exact 
weight of Mel Simpson's "little" boy 
on arrival. He promises to be an ath- 
lete of some distinction. 

Lawrence Johnston, a nephew of 
Warden J. A. Johnston, is now asso- 
ciated with that department of our 
bank where, even though the stock 
keeps a "moving," it yet remains "sta- 

Fresno, First Branch 

In the basket-ball game with the 
Head Office team we were beaten, but 
we are undismayed. Maybe that little 
"setback" was what we needed, for, as 
Craig Thorburn, our assistant cashier, 
says: — 

"Sweet are the uses of adversity." 

Hymeneal announcements: Julius 

Nielsen is being congratulated on his 

engagement to Miss Maneely. Jack 

Rylee is to be married in a few weeks. 
— Miss Lois Tufts, former member of 
cur staff, has been happily married to 

George Edwards. C. Frandsen, our 

new bookkeeper, is now a benedict and 
proud of it. Atta boy, "Frand"! 

Local departmental brevities: We 

all have our likes and dislikes: Hennen 
and Hopkins like peanuts. — Myrtle Ste- 
phenson seems to take everything for 
Grant-ed. — The little fat youngster at 
our exchange desk may be Swift, but 
not very fast. — If a certain assistant 
cashier can find comfort in the solitude 
of a basement, he may even find cheer 
in a cellar. — We have 3 1 members 

enrolled in Fresno's Bankitaly Club. 

One of our boys can play do-re-me-fa- 
sol on the trombone, provided always 
he is not interrupted. 

JANUARY. 1923 

B a n k i t a I y Life 


Polk- Van Ness Branch 

One of our clients 
was telling us a story 
about former Presi- 
dent of the United 
States James K. Polk, 
whose picture we are 
presenting with this 
contribution. Polk, it 
is said, was returning 
from a party one eve- 
ning with a chum 
and in crossing a 
stream, his friend fell 
in. Polk tried in vain 
to extricate his pal and finally in de- 
spair he said, "Well, Bill, inasmuch as I 
cannot pull you out, I'll do the next 
best thing and get in with you," which 
he did, and he stayed with his com- 
panion until both were rescued. That, 
to our mind, was the essence of loyalty, 
and we are proud to have our street 
and our branch named in honor of a 
man who loved his friend with a devo- 
tion worthy of kinship. Here is a lesson 
that the world needs and one that 
should be driven home because the 
inculcation of "love for our neighbor" 
is the only solution for most of the ills 
which afflict mankind. 

James K. Polk 

Fruitvale Branch 

The illuminations and celebration 
that marked the dawn of 1923 and 
which was arranged by our local busi- 
ness men, was such a very great suc- 
cess that fifteen traffic officers were 
required to handle the crowds. It re- 
minded us of Market and Powell Streets, 
San Francisco, on a Saturday evening. 

Three Oakland banks are erecting 
buildings in our neighborhood, a tribute 
to the general belief in the future of 
Fruitvale. Many "down town" firms 
are now looking about this section for 
desirable locations. 

Miss Ruth Martin, our stenographer, 
has announced her engagement and 
will soon take "dictation" from one 
person, rather than several. Miss Mar- 
tin has our best wishes for a very 
happy married life. 

We were pleased to welcome Frank 
Ceppolini on his return, after rather a 
severe illness and we hope that our 
bracing spring climate will soon make 
Frank as strong as ever. 

Excelsior Branch 

We are getting along famously for a 
"baby" branch, having cut most of our 
teeth, besides cutting some figure in the 
financial development of this part of 
San Francisco. 

Frank F. Risso, assistant vice-presi- 
dent at head office, who lives within a 
short distance of this branch, will be 
our advisor until such time as we grow 
sufficiently to have an advisory board; 
then we shall make Frank "Chairman 
of the Board" and call him "Boss," 
provided Mr. Scatena doesn't interpose 
an objection. 

As our name "Excelsior" is the 
motto of the State of New York, we feel 
encouraged to think that sometime We 
may occupy the same relative position 
among the branches of the Bank of 
Italy as New York does among the 
states of our Union. Oh! yes, some of 
our branch managers may smile at our 
nerve, but we remember when certain 
people used to chuckle at the ambition 
of Los Angeles to qualify as a big city, 
yet the Bank of Italy now thinks enough 
of the future of L. A. to erect a twelve- 
story building there. 

Staff personals: A. Bertolozzi's 

wedding bells will soon be ringing. — 
Rudolph Herman, our bookkeeper, is 
so strongly opposed to publicity that 
we are not going to mention the name 
of Rudolph Herman once, therefore we 

have mentioned it twice. We are very 

grateful to the Mission branch for its 
kindly interest in our welfare. 

The Excelsior District Association 
has outlined an extensive advertising 
campaign this year, so we expect to 
have a very prosperous 1923. 

Marked building activity is a feature 
of this part of San Francisco. Four 
schools have been erected here in a 
comparatively short time and many 
new homes are being planned for this 
district. What District? E-X-C-E-L- 
S-I-O-R, Excelsior! 

Sunset Branch 

Our ceiling has been artistically dec- 
orated, and while it is not as ornate as 
that of the head office, we are abso- 
lutely sure there is nothing like it in 
this part of San Francisco. 

Paul Bonelli, who served the officials 
on the second floor at the head office 
very faithfully for many months as a 
messenger, is with us as junior clerk. 

JANUARY. 1923 

Bankitaly Life 


Mr. Matthews 

King City Branch 

John L. Matthews, 
chairman of our ad- 
visory board and our 
appraiser, passed 
away on January 1 7, 
at the age of 67. 
John Matthews' act- 
ive and intelligent in- 
terest in the affairs 
of our branch, com- 
bined with his pleas- 
ant personality, has 
caused his loss to be 
felt not only by the 
members of our staff, but by the com- 
munity at large. Mr. Matthews attended 
the first annual convention of the Bank 
of Italy officials, that was held last Sep- 
tember at the head office, and with 
Ralph Dobbs, vice-president from Los 
Angeles, contributed his share in mak- 
ing that event a splendid success. John 
and Ralph have passed on, but we shall 
always hold their memories dear. 

Eugene Rianda has been elevated to 
the post of assistant manager, while 
James Wasson and Ed. Lawrence have 
been named assistant cashiers. Gene, 
Jim and Ed are fine lads and well de- 
serve the honors that have been be- 
stowed upon them. 

Misses Maybelle Bengard and Ramo- 
na Rianda have joined our staff as 
clerks. These young ladies have already 
demonstrated their particular fitness for 
the exacting duties of their new posi- 
tions. Although Miss Bengard and Miss 
Rianda are natives of this valley, they 
were educated "abroad," Maybelle in 
Oakland and Ramona in San Jose. 

We have heard that one of our San 
Francisco associates, because of our 
initials, always refers to this branch as 
"K. C. B." Good! We have no objec- 
tion, for K. C. B.'s column in one of 
our great dailies is "human" and for 
that reason we like to read it; therefore 
the King City Branch feels compli- 
mented in being called "K. C. B." 

Joseph C. Bray, our manager, has 
been appointed manager of our newly 
established Fillmore Street branch in 
San Francisco. Joe's transfer to the 
great financial center of the Pacific 
Coast is a compliment to his unques- 
tioned ability and we are proud to have 
trained him for the big problems he 
will have to meet in the metropolitan 
city by the Golden Gate. 

East Bakersfield Branch 

"Since last we sent our notes and news 
We've finished writing '22's. 
We got in eighth our fiscal 'dope,' 
Which satisfied H. O., we hope. 
We had a call from G. O. B., 
As ever, full of P-E-P. 
We've been inspected (with O. K.'s) 
By Messrs. Yelland, Beale and Hayes. 
Last month our boss J. B. moved in 
His swell new house; it seems a sin 
To mar such lovely polished floors 
And soil the pristine ivory doors. 
The spacious cellars are unique, 
Yea, one might dally there a week. 
We wonder, though, what cellared store 
Requires an armor-plated door. 
Our teller, Thedaker, now knows 
The builders and contractors woes. 
He, too, has built a handsome nest, 
Talks paint and plumbing with the best. 
Clouds hold no gloom for L. V. O., 
He laughs at them and smiles at snow, 
For our Vice-Pres., when days are 

Like the land, feels 'better and better'." 
A. E. Forrest. 

Oakland Branch 

Staff meetings are held every two 
weeks, thanks to the efforts of Oswald 
Allison, our chief clerk, and John 
Rivolta, assistant trust officer. At these 
meetings, which are held at the Hotel 
Oakland, the participants are encour- 
aged to ask questions, and much good 
invariably follows as a result of these 
"get togethers." Messrs. Kay, Turner 
and Cronin from the head office favored 
us by attending a recent gathering. 

We welcome to our branch Mr. 
Smith from the head office, also Mr. 
Blackwell. No less pleased are we to 
have as associates the Misses Noben, 
Rilcoff and Peacock. 

Every east bay branch had a delega- 
tion at our Home Club dance. The 
head office was also well represented 
by Romeo Moretti and his famous in- 
strumentalists, to whom we are grateful 
for "crossing the briny deep" in the 
middle of winter. Their trans-bay 
journey reminded us of George Wash- 
ington and his army crossing the Dela- 

Brevities: Our bank has a large sign 
at the corner of East 1 2th Street and 

First Avenue, a wonderful location. 

"Pop" Matthews was host at our club 
dance and caused all the guests to feel 
"perfectly at ease." 

JANUARY, 1923 

Bankitaly L i f 


Oroville, Rideout Smith 

Jas. McWilliams 

James McWilliams, 
sometimes known as 
the "Father of Oro- 
ville," was born in 
^!^ Vermont in 1833, just 
VJj ninety years ago. He 
StJCT^ fc. Ti» came to California 
I with Leland Stanford 

W^,*^ in 1850. In 1854 he 

^^fl founded the Bank of 

Jgg McWilliams and 

Tymeson in Oroville. 
Mr. McWilliams 
was at one time pony 
express rider for Adams Express from 
Oroville to Nevada, and in appreciation 
for meritorious service, he was pre- 
sented by the express company with 
scales for weighing gold dust. These 
scales are now in the Rideout Smith 
Branch, Bank of Italy, Oroville, which 
succeeded the Rideout Smith Bank that 
had years before taken over the orig- 
inal bank of McWilliams and Tymeson. 
Mr. McWilliams died in Hongkong on 
September 7, 1902. It is said that he 
pioneered in the Oriental flour trade, 
just as he led the way here in the 
development of Oroville's banking 

Sacramento Branch 

Saturday, January 20, 1923. On 
that day our branch opened up its 
New Heme at Sixth and K Streets to an 
expectant throng of Sacramento Valley 
folk who filled every available space 
from 1 :30 P. M. until nearly midnight. 
The Orpheum orchestra furnished most 
delightful music during the afternoon 
and evening and the Boys' Band gave 
us a serenade. This was followed by a 
felicitous address from one of the boys, 
that was responded to by Major C. E. 
McLaughlin of our Sacramento advisory 

The presence of President A. P. 
Giannini, Founder of the Bank of Italy, 
was an inspiration to all of his "co- 
workers," as he refers to his associates, 
whether they be officers or office boys. 
On Sunday evening, January 21st, our 
advisory board tendered a dinner to 
President Giannini and to other officers 
from San Francisco, as well as to the 
local branch officials. 

The first day for business in our new 

quarters was made memorable by pass- 
ing $6,000,000 in deposits, and despite 
a terrific storm that interfered seriously 
with traffic, we opened up nearly 1 00 
new accounts. 

Every bank in Sacramento as well as 
many leading business houses sent us 
exquisite flowers on opening day that 
adorned our spacious lobby and added 
to the pleasure of all who participated 
in the inspection of the most modern 
banking room in Northern California. 

Besides President Giannini many 
other representatives of the head office 
and of our various branches were pres- 
ent to wish us bon voyage in our new 
"ship" anchored at Sixth and K Streets. 
We sincerely appreciate all of the cor- 
dial manifestations of good will that 
were showered upon us by those with 
whom we are associated, as well as by 
cur clients and friends. 

Stockton Branch 

Adclph Beck, assistant cashier, re- 
cently addressed the Parent-Teachers 
club of Ripon on "thrift" and cited our 
school savings system as an example of 
what this methodical plan has accom- 
plished in helping children to save. 

No one will question the cosmopoli- 
tan character of Stockton and of our 
branch, when it is known that we have 
depositors who "first saw the light of 
day" in Sweden, Norway, Greece, India, 
Italy, New Zealand, Roumania, Ger- 
many, France, England, Scotland, Ire- 
land, Wales, Belgium, Jamaica, Switzer- 
land, Russia, Brazil, Holland, Denmark, 
Croatia, Canada and Oakland. 

Fred W. Wurster, our former assist- 
ant manager and now secretary of the 
Security Building and Loan Associa- 
tion, has been elected a member of our 
advisory board, vice Dr. W. G. Wallace, 
deceased. We sincerely welcome the 
return of Fred to our banking family, 
in which he played such a conspicuous 
and faithful part for so many years. 

Assistant cashier L. J. Rossi has been 
granted a leave of absence to recuper- 
ate and we all join in hoping that Louis 
will soon be with us again, as vigorous 
physically as he is mentally. 

One of our staff has suggested that 
an issue of Bankitaly Life be edited by 
the women of our bank, to be devoted 
exclusively to women's activities. It 
was further thought that Mrs. Edward 
Dexter Knight, manager women's bank- 
ing department, head office, should act 
as editor-in-chief for special number. 


The Campanile of the San Gabriel Mission, California 

Founded in 1771 


Group of statuary at junction Market, Battery and Bush Streets, San Francisco, 

dedicated to "Mechanics" in memory of Peter Donahue, "Father 

of Industry" in California. 




Head Office 

Volume 7 


Number 2 

Charles B. Hal 

Charles Bingley Hall 

The First President American Bankers 

Just forty years 
ago there passed 
away a notable figure 
in the annals of the 
American Bankers 
Association, in the 
person of Charles 
Bingley Hall, its first 
presiding officer. He 
was born in Oxford, 
New Hampshire, on 
June 28, 1818, and 
when he graduated 
from the academy of 
his native town, he taught school, after 
which he was clerk in a store, a dealer 
in West India goods, postmaster at 
Haverhill, Mass., and a member of the 
Massachusetts Legislature. 

About 1850 Mr. Hall gained his first 
banking experience as a director of the 
Merrimac Bank of Haverhill and trustee 
of the Haverhill Savings Bank. Later 
he served as state treasurer of Massa- 

In 1853, seventy years ago, he as- 
sisted in organizing the National Bank 
of Boston and was its first cashier. He 
held this position for twenty-five years, 
when he was promoted to the presi- 
dency, an office that he filled from 
1878 until his demise in 1883. It was 
in 1875, during his affiliation with this 
bank, that he was elected the first pres- 
ident of the American Bankers Associa- 
tion. He declined re-election, because 
he believed the welfare of the associa- 
tion would be promoted by frequent 
changes of its official staff. The pros- 
perous condition of the association is 

attested by its present membership in 
which more than 30,000 banks are 

The ever broadening scope of the 
American Bankers Association activities 
since its organization, nearly half a 
century ago, was referred to in a recent 
address of John H. Puelicher, the pres- 
ent chief executive of the A. B. A., 
before the New York Ad Club. Mr. 
Puelicher said: "I want to tell you 
briefly what is the hope of the Ameri- 
can Bankers' Association. Have you 
ever thought that most of our troubles 
are economic? In Europe, the troubles 
are political and economic. There they 
have racial hatreds which have run for 
ages. You can't hope to make progress 
where there is fear on one side and 
hatred on the other. We must get 
where we know each other. We must 
get into conferences where bankers, 
farmers, merchants, manufacturers can 
sit around the table and discuss a prob- 
lem from every side, where we can 
begin to deal equitably with each other 
because we understand each other and 
each other's problems." 

Essential Knowledge 

The American Institute of Banking 
courses of study contain the essential 
knowledge of economics, banking and 
banking law that every banker must 
possess to achieve or merit any sort of 
success in the banking business. Such 
knowledge may be obtained from other 
sources than the Institute. Thousands 
of bankers have acquired it through 
experience. The Institute merely pro- 
vides the easiest and most direct way. 
Nothing, however, can be substituted 
successfully for the Institute courses 
of study. 

Lawrence Scatena, Chairman Board of Directors, Bank of Italy, about to "christen" the 
"L. Scatena," a 125-ton river boat, as it was launched at Sausalito, January 28, 1923. 

(See page 6.) 

Bankitaly Life 


Chattel Mortgages 

An Important Lesson for Our Junior 
Clerks — Courtesy A. I. B. 

A chattel mortgage is an instrument 
in writing which states that the mort- 
gagor (the person borrowing the 
money) has sold to the mortgagee (the 
person loaning the money) certain 
specified articles of personal property. 
The list of articles is described in full 
either in the body of the chattel mort- 
gage itself or in an accompanying 
schedule. There is always a condition 
clause included, which usually reads: 
Provided Always, and these 
presents are upon this express 
condition, that if said party of the 
first part shall pay or cause to be 
paid unto the said party of the 
second part, or to its assigns (if 
it is a bank), the aforesaid sum of 

dollars, according to 

the terms of his certain promis- 
sory note of even date herewith, 

and payable at the 

Bank, with interest thereon at the 

rate of per cent per annum 

from maturity and which note the 
said party of the first part hereby 
agrees to pay, then these presents 
and everything therein contained 
shall be void, anything herein con- 
tained to the contrary notwith- 
standing. And it is hereby mu- 
tually covenanted and agreed be- 
tween the parties hereto that if 
default be made in payment of 
said sum of money or any part 
thereof, or the interest thereon 
according to the tenor and effect 
of said note when the same be- 
comes due and payable, or upon 
failure to conform to or comply 
with any of the conditions or 
agreements herein mentioned, then 
the whole sum of money hereby 
secured, shall at the option of the 
legal holder or holders hereof be- 
come due and payable at once 
without notice. And it is further 
agreed that in case of sale or dis- 
posal, or attempt to sell or dispose 
of the goods and chattels here 
mortgaged, or removal of or at- 
tempt to remove the same from 
the county aforesaid, or an un- 
reasonable depreciation in value, 
or if from any cause the security 

shall become inadequate, or the 
party of the second part shall 
deem itself insecure, then and 
thenceforth it shall be lawful for 
the said party of the second part, 
or its assigns, or its authorized 
agent, to enter upon the premises 
of the said party of the first part, 
or any other place or places 
wherein said goods and chattels 
aforesaid may be, to remove and 
dispose of the same and all the 
equity of redemption of the said 
party of the first part, at public 
auction or private sale, to the 
person or persons who shall offer 
the highest price for same, and out 
of the avails thereof to retain the 
full amount of said obligation with 
the interest thereon, according to 
the conditions thereof, together 
with all reasonable cost and ex- 
pense attending the same, render- 
ing to said party of the first part 
or his legal representatives, the 
surplus money (if any there shall 
be), anything herein to the con- 
trary notwithstanding. And until 
default be made as aforesaid, or 
until such time as the said party 
of the second part shall deem 
itself insecure as aforesaid, the 
said party of the first part to con- 
tinue in the peaceable possession 
of all the said goods and chattels, 
all of which in consideration 
thereof, he engages, shall be kept 
in as good condition as the same 
now is, and taken care of at his 
expense, and if from any cause 
said property shall fail to satisfy 
said debt and interest aforesaid, 
said party of the first part hereby 
agrees to pay the deficiency. 
A short affidavit of ownership is 
sometimes included, which states that 
the mortgagor is the lawful owner of 
the personal property described, and 
that there are no liens upon said prop- 
erty. The chattel mortgage is dated, 
signed by the mortgagor, his signature 
being witnessed (some jurisdictions re- 
quire one witness, others require two), 
and he acknowledges his signature be- 
fore a notary public or other officer 
authorized and empowered to take ac- 
knowledgments. The chattel mortgage 
should be recorded in the office where 
deeds are recorded. 

Scene on board the "L. Scatena" just after the launch. George J. Giannini, Chairman 

Finance Committee, Bank of Italy, and President of the L. Scatena Company, 

is standing near the U. S. flag on the right. 

Bankitaly Life 


Louis Ferrari 

Immigration Laws 

By Louis Ferrari, 
Trust Attorney, Bank of Italy 

The immigration 
laws of the United 
States may, generally 
speaking, be divided 
into three classes, as 
follows: First, the so- 
called "Exclusion 
Laws," excluding in- 
habitants of certain 
portions of Asia and 
the islands adjacent 
thereto; second, laws 
having for their ob- 
ject the elimination 
of undesirable immigrants and fixing 
the physical and mental standards for 
admission into the United States, and 
for deportation of persons in the United 
States in violation of immigration laws; 
and, third, partial exclusion, as pro- 
vided in the Act of May 19, 1921, 
which has been extended by the Act of 
May II, 1922, to cover the period 
ending June 30, 1924. The gist of this 
Act follows: 

The Partial Exclusion Law 

"The number of aliens of any na- 
tionality who may be admitted under 
the immigration laws to the United 
States in any fiscal year shall be lim- 
ited to three per cent of the number of 
foreign born persons of such nation- 
ality resident in the United States as 
determined by the United States Census 
of 1910." This is chiefly applicable to 
the European emigration, as the resi- 
dents of the Asiatic zone are excluded 
from its operation. 

There does not seem to be much 
difference of opinion concerning the 
propriety of excluding the immigration 
of Asiatics who, by race and civiliza- 
tion, are so different from the Ameri- 
can population as to make assimilation 
impossible, or, at least, undesirable. 

With reference to the mental and 
the physical qualifications for admis- 
sion to the United States, while some of 
these have at times seemed to be some- 
what stringent, on the whole it is gen- 
erally admitted that the said measures 
are founded upon a just principle, and 
very little objection to them has been 

A Serious Question 

The proposition, however, of limiting 
the number of immigrants to three per 
cent of the population of the particular 
nationality as shown by the census of 
1910, irrespective of the qualifications 
of the immigrant, presents a very seri- 
ous question. Undoubtedly, any meas- 
ure which will give us a selected class 
of immigrants will accomplish good, 
but there are grave dangers to the 
nation in excluding men and women 
who are thoroughly fit, physically and 
mentally, to become good and useful 
citizens of this commonwealth. The 
continued restriction of European im- 
migration as provided for under the 
present law will, according to the fig- 
ures of the census for the last twenty 
years, result in a decrease in the popu- 
lation of the United States. 
A False Theory 

Malthus, English political economist 
of the early nineteenth century, evolved 
the theory that population increased at 
a geometric ratio, while the means of 
subsistence only increased at an arith- 
metical ratio. He, therefore, concluded 
that the increase of the human popula- 
tion in any country was only limited by 
the means of subsistence. This theory, 
however, has been demonstrated to be 
false. France, during the last fifty 
years, through the improvement in 
methods of agriculture and through 
modern economic methods of manufac- 
ture and time-saving devices, has placed 
herself in a position to support a vastly 
increased population. Notwithstanding 
this fact, however, the population of 
France during said period has not ma- 
terially increased, and during the last 
few years, with the vast loss of life by 
reason of the recent war, we find that 
the birth rate in France is showing no 
substantial increase over the death 
rate. The theory is further exploded 
when we consider the United States. 
The opening up of new agricultural 
areas and the use of machinery in 
farming has placed the United States in 
a position where it would be abund- 
antly able to support a population sev- 
eral times as large as the present popu- 
lation. Notwithstanding this, a close 
study of the census for the last fifty 
years will show that the increase in 
population in the United States has 
been largely due to immigration. 
[Continued on page 9) 

The growth of our new building in Sacramento described in pictures. September 
1, 1922, when first steel work was placed in position. 

November 1, 1922, sixty days later, after the concrete had been "p° ur ed" f° r 

Bank of Italy new building at Sixth and K Streets, Sacramento. 

(See picture completed structure on page 10.) 

Bankitaly Life 


Immigration Laws, from page 7 
Percentage of Increase in Population 
The increase of the population from 
1840 as shown by the United States 
Census is as follows: 

For the period ending 1850, 35.9% 
For the period ending I860, 36.6% 
For the period ending 1870, 22.6% 
For the period ending 1880, 30.1% 
For the period ending 1890, 24.9% 
For the period ending 1900, 20.7% 
For the period ending 1910, 21%; 
For the period ending 1920, 14.9%. 
The increase of 21% from 1900 to 
1910 included 7,500,000 immigrants 
and their increase during the ten-year 
period. The increase of 14.9% from 
1910 to 1920 included 6,777,381 immi- 
grants. The entire increase during the 
same period in numbers was approxi- 
mately 12,000,000. It will readily be 
seen that if due allowance is made for 
the increase of the immigrants admitted 
during the last ten years, we find that 
the increase of the American stock 
during said period remained stationary. 
A Warning Sounded 
Certain sound thinkers warn us that 
in the next five or six hundred years 
the predominating race on the Pacific 
coast will be the yellow race. While 
we do not entirely agree with their 
conclusion, the present immigration 
laws will certainly assist in bringing 
about such a result. It is interesting, 
in considering this particular phase of 
the subject, to compare the figures just 
quoted, showing the American popula- 
tion at a standstill, with the figures 
concerning the Japanese population in 
the United States. In 1910 the census 
showed that there were some 45,923 
Japanese in continental United States. 
At the end of December, 1919, the 
United States census showed that there 
were 87,279 Japanese in the United 
States, an increase of 111 %, and 
20,331 of this increase, over 50%, was 
due to the increase of births over 
deaths. With the white population not 
increasing and with probabilities of its 
decreasing in the next ten years, and 
the Japanese population increasing at 
the rate of 1 1 1%, in nine years it can 
readily be seen that it will not take a 
very long time for the Japanese to out- 
number the white population. 

Remedy Suggested 

It may be contended by some that 
the cure for this situation is to institute 
propaganda for the increase in num- 
bers of the American families, but, in 
answer to this, we call attention to the 
fact that Theodore Roosevelt, one of 
the most forcible characters in Ameri- 
can history, preached this doctrine 
consistently during the entire period 
of his public life, and the figures which 
we have quoted will show that it 
brought about no material result. The 
only other alternative seems to be un- 
restricted immigration, provided that 
the immigrants are of the right kind, 
physically and mentally, and are of the 
same race as the present population of 
the United States. This is the policy 
under which our country has developed 
and grown to be one of the foremost 
nations of the world, and we see no 
reason for forsaking this policy at this 
crucial time, when we face the possi- 
bility of conflict with the hordes, run- 
ning into the hundreds of millions, on 
the other side of the Pacific. 

In the Dept. of New Business 

Good Will Builders 

Of all the potential builders of good- 
will and adjuncts to new business, none 
is more important than the unseen and 
often much abused telephone operator. 
If, for instance, the young lady at the 
keyboard realizes that the customer 
who wants to speak to a Mr. Smith of 
unknown initials or department, is not 
primarily interested in the fact that 
fifty-nine Smiths are on our payroll; if 
by patient and clever questioning, she 
is able to solve the problem and make 
the man at the other end feel he has 
had the best of service, then she has 
The New Business Idea. 

This New Business Idea belongs to 
no one department; in fact, if it were 
left entirely to a new business depart- 
ment the result would be failure. We 
see every day, however, new evidence 
that the idea is spreading all over the 
bank. Almost every department has 
certain individuals who constantly put 
the idea in practice; but the goal is 
still a long way off. — Guaranty Trust 
Co. News. 

Bank italy Life 


"Subscribers" Appreciate 
Bankitaly Life 

A Flood of "Renewals" 

Every year we ask those to whom 
we send Bankitaly Life, outside of our 
own organization, if they desire to re- 
main on our mailing list. In answering 
our letter this year, it is interesting to 
note some of the comments from those 
who receive our little publication: 

"We are binding your magazine 
for future reference. That ex- 
presses our appreciation of it." 

"Our employees find in it valu- 
able information, not seen in other 

"We have in our library a com- 
plete file of Bankitaly Life to glad- 
den not only this, but coming gen- 

"A wonderful magazine, that is 
serving its purpose, by helping 
your bank and the State of Cali- 

"Its progressive spirit, general 
excellence and pictorial embellish- 
ments cause me to compare it to a 
valentine of business." 

"An estimable publication from 
which we derive much valuable 

"A wonderful and comprehen- 
sive magazine, typical of your 
great State." 

"We consider Bankitaly Life the 
highest type of bank house organ." 

"Keep sending it, by all means. 
We always pass it on to relations 
in New Zealand. It is surely a 
great boost for California." 

"Please note me as a paid-up 
life subscriber on your mailing 

"Don't you dare stop sending 
Bankitaly Life. We appreciate it 

"Your publication is doing a 
real service and is doing it well." 

"I find it most interesting and 
congratulate you on publishing 
the highest class bank organ in 
the U. S." 

"We use the pictures in your 
magazine in our school work to 
illustrate California's wealth and 

"Your booklet is of particular 
interest, because it covers a part 
of the U. S. about which, up to the 
present, we have not had very 
much information." 

"I can say sincerely that noth- 
ing I have seen in house publica- 
tions excels it in typography or 

"As an old Californian, I par- 
ticularly appreciate your many in- 
teresting references to Pioneer 

"I always enjoy reading Bank- 
italy Life and naturally enough it 
calls up memories of other days, 
when I too enjoyed the griefs of 
editing a house organ." 

"Very much appreciated by us, 
not only for valuable information 
conveyed, but for the artistic 

"Am pleased and proud of 
every issue. Have seen many 
things grow and expand in this 
beautiful state, but nothing that 
has impressed me so much as your 
great bank." 

Hundreds of other gracious ac- 
knowledgments have been received, and 
on behalf of the Bank of Italy we thank 
all those who in "renewing their sub- 
scriptions" have at the same time been 
so generous in their commendations. 

Play Your Own Game 

Willie Hoppe, the billiardist extraor- 
dinary, had just concluded a spectacu- 
lar game, in which he covered himself 
with glory. The spectators were dis- 
cussing the remarkable achievements of 
the champion. A particularly keen 
young chap summed it up this way: 
"I'll tell you why he won the game. 
While the others were playing Hoppe, 
Hoppe was playing billiards." 

In that simple statement there is a 
lesson even for the man who never had 
a billiard cue in his hand. Too many 
of us go through life playing the other 
fellow and neglecting to play our own 
game. Then we wonder why we fail to 
set the world afire. 

In business we are watching every 
move of our competitor, wondering 
how he will get by, hoping he will muff 

the next shot and all the time our 

own shots are going wild. 

Just let sotneone start something 
new, or put over a new idea, and every- 
one else is worried stiff about it. They 
get busy right away playing the man 
with the initiative, wondering what his 
next shot will be, without any definite 
plan of improving their own game. — 
King's Courier. 


Bankitaly Life 


Mrs. Freda Ehmann, internationally known olive grower and famous inventor of 
process for preserving ripe olives, with party of friends at her home in Oroville, 
February 1st, 1923. Left to right, Mr. Boyle, manager Rideout-Smith Branch, 
Bank of Italy, Oroville; Mr. Green, assistant vice-president, Bank of Italy, 
Oroville; Mrs. Ehmann; Mr. Fogg, first cashier, Rideout-Smith, Bank, Oroville; 
Mrs. Bolles, daughter of Mrs. Ehmann; John V. Bacigalupi, representative school 
savings department, Bank of Italy; Mr. Humphrey, assistant 
cashier, Bank of Italy, Oroville. 

192 3] 

Bank Italy Life 


How To Keep Well 

On the Importance of Being Wet 

That the earth and everything that 
lives on it is very wet, we learn from a 
recent article by Dr. Leonard G. Rown- 
tree in "Physiological Reviews." 

We do not take all this water seri- 
ously enough, although water-drinkers 
are supposed to be very serious-minded 
people. The information that one can 
become intoxicated on water will come 
to them as a shock, and to anti-prohi- 
bitionists as a gleam of hope in a very 
dark situation. When one considers the 
apparent simplicity of water, its inno- 
cence and reputed harmlessness, it is 
amazing upon examination to find out 
how complex these water problems are. 

A great deal of water that surrounds 
us and is part of us is concealed under 
the guise of solids. Seventy-five to 
eighty per cent of the body is made up 

of water brain not excepted. That 

brains are mostly water we can readily 
believe when we consider other people; 
but not so readily as applied to our- 
selves. It is a curious fact that old 
people are wetter than young people. 
So among other traditions for the dis- 
card we must include that of the dried- 
up old man! 

The Water Problem 

That we ought to take water seri- 
ously that is, the problem of water 

and not the drinking of it, which should 

be a joyous matter is evident from 

the fact that the loss of ten per cent of 
the water content from the body results 
in serious disorders, and twenty to 
twenty-two per cent in death. This 
shows us within what narrow margins 
we live, after all. One can go longer 
without food than without water. It is 
related that Viterbi, an Italian political 
prisoner, who died as a result of absti- 
nence from food and water after 1 8 
days, suffered chiefly from thirst. In 
the desert, where evaporation is ex- 
treme, death would occur as a rule in 
from 36 to 72 hours after deprivation 
of water. 

When we consider the terrible effects 
of complete withdrawal of water, we 
must be prepared to admit the possible 
ill effects of partial withdrawal, or what 
is known as the "dry habit." Many 
reckless statements have been made as 
to the amount of water required to 
keep one in perfect condition. The 
complex functions of water in the body 
are not always borne in mind and it is 

too generally regarded as merely a 
means of satisfying thirst and flushing 
out the body poisons. 

Water Intoxication 

Rowntree cites experiments to show 
that water intoxication is possible. 
Animals have developed symptoms of 
poisoning following forced injection of 
large quantities of water. Similar re- 
sults have been produced in man, with 
patients suffering from chronic kidney 
trouble and high blood pressure. The 
argument that almost anything used to 
excess will prove poisonous, has often 
been used in favor of alcohol. There 
is, of course, not a scintilla of logic in 
such contention. Alcohol in any 
amount usually taken by people who 
use it as a beverage has been shown to 
be a poison. Water is not only innocu- 
ous, except when used to huge excess, 
but is absolutely necessary to rid the 
body of poisons. Alcohol performs no 
such function. 

Roughly speaking, the body loses 
about 2,000 cubic centimeters of water 
daily through the lungs, the skin, the 
bowels, and the kidneys. About half 
of this can be made good through 
drinking water and other beverages, 
and the other half by water directly 
supplied by so-called solid foods, and 
the water derived from the oxidation 
of fats, sugars, starches, and proteins. 
In order to keep this balance, the usual 
counsel to drink about six glasses of 
water daily seems valid. Much will 
depend, however, on the intake of other 
fluids, such as milk, tea, coffee, and 
other beverages. People who have no 
tendency to high blood pressure or 
kidney or heart impairment should err 
on the safe side and drink plenty of 
water. People with heart trouble, kid- 
ney trouble and high blood pressure 
should be cautious as to use of water. 


"How dear to our heart is the old 
silver dollar, when some kind subscriber 
presents it to view; the Liberty head 

ithout necktie or colle 
strange things which to 
new; the widespreading 

and all the 
seem so 
igle, the 
arrows below it, the stars and the words 
with the strange things they tell; the 
coin of our fathers, we're glad that we 
knew it, for some time or other 'twill 
come in right well; the spreadeagle 
dollar, the star-spangled dollar, the old 
silver dollar we all love so well." — Ex. 


The many members of the Bank of Italy staff, who belong to the Olympic Club, 
San Francisco, will be interested in this picture, taken 51 years ago. The 
"President," in this historic photograph, is none other than James K. Wilson, 
former vice-president and director of Wells Fargo Nevada National Bank and at 
one time principal of Lincoln School, San Francisco. The graduates of that dear 
old school, during the incumbency of Mr. Wilson, 
bear him in affectionate remembrance. 

Bankitaly L i f 



Published by and for the Officers and 
Employees of the 

Bank of Italy 

F. R. Herman, Associate Editor 

San Francisco, Cal. 

Editorial Notes 

We have started on volume seven of 
Bankitaly Life and hope we have suc- 
cessfully carried out the main ideas 
which the promoters of our house organ 
had in mind, when this publication 
made its first appearance in 1917. 

At that time Mr. George Culp the 
editor sent the following introductory 
greeting to an expectant staff: 

It was James Whitcomb Riley, 
we believe, who dedicated one of 
his books with, as we remember it: 
"Go, little booklet, go, 

Bearing an honored name; 
Till everywhere that you have 
They're glad that you have 

We feel very much the same in 
launching this initial number of 
our bank paper. 

Bankitaly Life will fill a long- 
felt want on the part of our three 
hundred employees. And the folks 
at home who are naturally inter- 
ested in son, daughter, brother, 
sister or sweetheart's work and 
surroundings, will read it with 
some interest. 

Bankitaly Life will try to reflect 
the personalities of the workers, 
and the personality of the institu- 
tion. It will be the open forum for 
expressions relating to the life, the 
work and the methods of the busy 
little world it reports. 

It will be a bond between those 
who are part and parcel of the 
whole; it will cement the business 
and associate friendships where 
actual contact is impossible and 
real acquaintanceship rare; and it 
will be an inspiration to the read- 
ers to do their part toward the 

higher efficiency and greater serv- 
ice so much in demand and so 
necessary to progress. 

That Bankitaly Life may enter 
upon a career of usefulness, enter- 
tainment, record, fact, fancy and 

just enough frivolousness to leaven 

the leaves is the hope and desire 

of its sponsors. 

In the same number Mr. A. P. Gian- 
nini, President and Founder of the 
Bank of Italy, said: 

To all my associates I extend 
greetings through this initial num- 
ber of Bankitaly Life. I am glad 
to see the evidence of interest in 
the paper. It will be my pleasure 
to follow the events of our future 
as presented in these pages, par- 
ticularly because of its character 
as representing and reflecting our 
business family and its activities. 
Bankitaly Life shall become a 
vital medium of bringing every 
member of the staff into closer 
contact and relationship with the 
human, as well as the ethical, prac- 
tical and existing elements of our 

No less interesting at that time were 
the words of Dr. A. H. Giannini, now 
President of the East River National 
Bank and Chairman Board of Directors, 
Commercial Trust Company, New York 

And now, men and women, in- 
asmuch as the management of the 
bank has consented to the publica- 
tion of this paper, may it achieve 
the purpose which brought it into 
existence. Personally I think that 
it can be made a source of profit 
and pleasure to all who are inter- 
ested in the continued success of 
our institution. The task of the 
editor in charge looms big, and as 
you are going to be very discrim- 
inating readers, let me write just 
one brief word in his defense by 
quoting an epigram from the poet 
Martial: "You do not publish your 
own verse, Laelius, you criticise 
mine! Pray cease to criticise 
mine, or else publish your own." 


Scene at memorable mid-winter banquet in New York City, at the Waldoi 
and the Commercial Trust Co., affiliations of the Bank of Italy. Dr. A. 1 
Board of Directors, Commercial Trust Co., is seated in the center of the 
a play written by Dr. Giannini was staged. It was brought out, in this ej 
success of the institution, and only by a Spirit of Co-operation among all 
every respect and all officers and employees of both banks were presen 

toria Hotel, given under the auspices of the East River National Bank 
annini, President of the East River National Bank and Chairman of the 
ters' table, under the folds of our National Banner. After the banquet, 
I that each department of a bank was not sufficient in itself for the 
•tments could a bank achieve. The evening was a most delightful one in 





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Bankitaly Life 


Head Office News 

J.Orozco, manager 
of our Spanish de- 
partment, is also Con- 
sul General from 
Costa Rica. Mr. 
Orozco's assistants 
are John Uccelli and 
Miss Alvarez. The 
name "Costa Rica," 
meaning "rich coast," 
is well deserved, for 
Mr. Orozco informs 
us that owing to the 
combination of ample 
sunshine and moisture, with a wonder- 
fully fertile soil, almost any kind of 
fruit or flower can be successfully culti- 
vated there. The country is essentially 
agricultural, and owes its political sta- 
bility to the presence of a large class of 
peasant proprietors. San Jose is the 
name of its Capital and chief city. This 
recalls the fact that our San Jose, in 
Santa Clara County, was the first Cap- 
ital of California, and while not yet 
our chief city, it may be some day, for, 
as Will Blauer says, "one can never 
tell see how Los Angeles has grown." 

Mr. Orozco 

L. R. Eby, manager of our insurance 
department, has submitted us a list of 
the causes of fires in the United States, 
showing that losses to the amount of 
$25,992,033 were incurred in 1921 
through carelessness in handling 
matches and in smoking. This is surely 
a needless waste of wealth, and while 
Bob Eby does not want to discourage 
smoking, he feels that those who do 
indulge should be mindful of the prop- 
erty of others, and therefore ought to 
be careful where they throw lighted 
matches and "Havana" stubs. 

A very prominent member of our 
official staff has submitted to us, for 
reprint, the following lines culled from 
an influential publication: 

Better sit in the back row and be 
discovered than sit in the front row and 
be found out. 

This is a witty saying that has in it 
the juice of wisdom. 

A common mistake of superficial 
minds is to imagine that their place in 
the esteem of their fellow men depends 
upon their ability to thrust themselves 

Strange as it may sound, it is true 
that modesty is a grace everywhere 
appreciated, and that the man in any 
organization, any social circle or any 
business concern who does not blow his 
own horn, but who concentrates his 
attention on making good, is vastly 
more liable to succeed and also to v/in 
the esteem of his fellows than the for- 
ward, self-pushing and impudent. 

A head office executive has sug- 
gested that we "tell" this little fable to 
all members of our organization in 
order to arm them with another simple 
but sane method of combatting foolish 
attacks on our foreign-born neighbors: 

Two men lived in a house. 

One said: "I have been here longer 
than you. My parents lived in this 
house before me. So I have a greater 
right to it." 

The other said: "1 help pay the 
taxes. I help clean the house. I pay 
rent. Therefore, I have some right in 
this house too." 

So the two quarreled because each 
thought the other was wrong and 
selfish. Meantime the house fell in bad 

One day a burglar tried to break 
into the house. And the two men for- 
got their differences, stood shoulder to 
shoulder and threw the burglar out. 

Then they sat down and talked the 
matter over calmly. And they came to 
the realization that BOTH had some 
interest in it. 

The first man is the native Ameri- 
can. The second man is the foreign- 
born American. The house they lived 
in is the United States of America. The 
burglar is Race Prejudice. 

The native and foreign-born have 
learned that both are trying to do the 
same thing but race prejudice based 
on misunderstanding is their common 
enemy and that by abolishing race 
prejudice they can make a better 

Two Kinds of Interest 

There are two kinds of interest 

the kind we put into our business and 
the kind we take out. The important 
thing to remember is that we cannot 
take the one kind out until we have 
put the other kind in. 

19 2 3] 

Bankitaly Life 


Paso Robles Branch 

Our bank has completed arrange- 
ments for the purchase of the three- 
story concrete and pressed brick build- 
ing that has been occupied by this 
branch since its completion about two 
years ago. This realty transaction 
shows the faith of the Bank of Italy in 
our community. 

Merton Belcher, for over eighteen 
months associated with us as an execu- 
tive, has been transferred to our Han- 
ford branch as assistant manager. Just 
prior to his departure Merton was pre- 
sented with a gold fountain pen by his 
Paso Robles associates as a token of 
their good will towards a good fellow. 

W. H. Snyder, our chief examiner, 
called here a few weeks ago while on 
his way to Los Angeles to "inspect the 
orange crop"; at least Bill said that 
was the object of his visit to the south- 
ern metropolis. If he saw any oranges 
we are willing to bet they were on a 
dining table or possibly on a fruit 
stand. However, we are not disposed 
to criticize Chief Snyder for indulging 
in a bit -of camouflage while on an 
important detail. 

Raymond A. Fager of our Los An- 
geles bond department "breezes in" 
about once a week to look after any 
clients who may desire a "real good" 
investment. The boys of our bond de- 
partment are so "dapper" in their per- 
sonal appearance that they are fre- 
quently "mistaken" for bankers. 

College Avenue Branch 

We are pleased to announce a most 
satisfactory increase in our depositors 
since January first. 

Loans on realty are now being made 
by us in all parts of Berkeley and, of 
course, all around College Avenue. 

Manager W. P. Spratt celebrated the 
close of the duck season by bagging 25 
birds and his friends regret they must 
wait several months before enjoying 
another game repast. 

We all commiserate with our friend 
and associate, Mrs. Blabon, in the loss 
she has sustained through the demise 
of her aunt. 

When Miss Winkenbach intimated 
that she might hand in her resignation 
because of coming nuptials, our assist- 
ant cashier, Mr. Hamilton, said he 
would take the matter under advisement 
for two years and then release her, 

providing our branch could spare the 
young lady at that time. It would seem 
from this, as if friend "Ham" was 
usurping the duties of a marriage 
license clerk, or "Cupid," as he is 
sometimes called. 

We thank our head office bond de- 
partment for letting us have Mr. Nor- 
dyke for our local bond activities. We 
are going to give Nordyke 100% co- 

Messrs. Johnson, Hammar and Geor- 
gie are "siding up" our supply room 
in a way that is just going to "tickle" 
A. W. Hayes, chief inspector. Inci- 
dentally, the "Chief" will realize that, 
because of the order displayed by the 
young men referred to in arranging our 
records, they must have geometrical 

Paying Teller Nelson recently asked 
a fair young lady to supply a missing 
"H" on her check endorsement, but 
the dear girl thought he said "age" 
and forthwith blushingly wrote "41." 
"Nels" should articulate more dis- 

Santa Rosa Branch 

Jos. T. Grace, our vice-president, 
accompanied by Mrs. Grace and his 
daughter Geraldine, are touring the 
Orient. Just before their steamer sailed 
from San Francisco, a beautiful basket 
of flowers and some choice confections 
were sent down to the pier from head 
office officials, addressed to "The Three 
Graces." A very grace-(u\ thing to do, 
and Santa Rosa appreciates this consid- 
eration for its respected neighbors. 

I. J. Andreani, assistant cashier and 
"new business getter," has been trans- 
ferred to our International branch in 
Los Angeles. We know that Mr. An- 
dreani will yet find his way to the hearts 
of the Angelenos just as he did in Santa 
Rosa. Our best wishes to you, John, 
old pal. 

Mr. S. Micheli, a resident of the Ful- 
ton district, has joined our bookkeep- 
ing staff. The name of our friend's 
home recalls the wonderful part that 
Robert Fulton played in revolutionizing 
transportation by sea, that had its in- 
ception in the operation of the steam- 
boat "Clermont," on the Hudson River 
in 1807. As a direct result of this 
epochal achievement, Joseph T. Grace, 
our vice-president, was able to visit the 
celestial kingdom this year on a steam- 
propelled vessel, named after a great 
American, Woodrow Wilson. 


B an kit a I y L i f 


Rome, Banca <T America e d' Italia 

Temporary quarters in Rome of Banca d' America e d'ltalia. Left to right:- 
Dr. Ed. Taussig de Bedonia, M. Bellavita, V. Improta, A. Ferrari, I. Minerbi. 

Miss Anita Bulla, formerly of our 
Genoa branch, is now a member of our 
staff in "Roma." 

Professor Julian Zolnay, well-known 
American sculptor, has just completed 
model of a War Memorial here that 
will be erected in Nashville, Tennessee. 
It is a masterpiece. 

This branch of our bank opened for 
business on October 1st, 1922, and 
because of our satisfactory exchange 
business is already on a paying basis. 

Our branch has adopted as many 
American methods as the Italian facul- 
ties and laws will permit, in this "city 
of cities." 

Among our many distinguished vis- 
itors this year have been R. E. Miller, 
director Owl Drug Company and of 
the Liberty Bank in San Francisco; 
Dr. F. Cassola of New York; Alfred H. 
Castle of Castle Brothers, San Fran- 
cisco; Thos. Costigan of the Commer- 
cial Trust Company, New York; Comm. 
Remi Kiviatkowski, Austrian Minister, 
whose son, we believe, is with the Bank 
of Italy, Oakland, California; and Fred 

L. Wolfe, exchange broker, San Fran- 

Other visitors of note included Mr. 
and Mrs. Musto, A. Farina and family 
and Mario Forno, all of San Francisco. 

Our bank has the only electrically 
operated bookkeeping machine in Italy 
and we are now sending out monthly, 
machine written statements to our 

Our Mr. Masoni is expected to par- 
ticipate in the Burroughs Adding Ma- 
chine Contest that will be held in Milan 
some time in June. 

Our remodeled premises will be 
ready for occupancy about April 1 5 
when this bank will have one of the 
most prominent locations in Rome, at 
the junction of eight streets, five of 
which have car service. Our Piazza di 
Spagna branch in Rome will be opened 
as soon as the building in which it is 
to operate has been reinfqrced and 
renovated. It is expected that tourists 
will avail themselves of the splendid 
banking facilities afforded at this 
branch as well as at our principal office 
in the Largo del Tritone. 

1 9 2 3 j 

Bank Italy Life 


Redwood City Branch 

Redwood City branch, according to 
late and very reliable information, is 
gaining on its sister branch at San 
Mateo. We would of course dislike to 
pass dear old "San Mateo," the parent 
branch of our banking system in this 
county, but Redwood City is expanding 
so fast that every local activity feels 
the stimulation. 

J. J. Hahir, of our new business de- 
partment, has resigned to accept the 
management of the Greco Salt Corpora- 
tion. Mr. Hahir's business ability, com- 
bined ■with his experience as an em- 
ployee of the Alaska Cod Fish Com- 
pany, made his appointment a very 
desirable one for the local salt works. 
We hope that Joe will make a great 
success of his new undertaking. 

Should our bank devote another issue 
of Bankitaly Life to California's re- 
sources, we would like to submit a 
paper on our "tanning industry" that 
flourishes here in Redwood and in other 
parts of our state. The operation in 
this community of an immense cannery 
would also seem to suggest a timely 
article on that big outstanding activity. 

San Jose Branch 

We extend to President Giannini our 
very sincere thanks for the "service" 
pins distributed to us in his name, in 
accordance with the plan as outlined in 
letter accompanying these most wel- 
come gifts. These pins are now proudly 
worn by our men and women, silent 
tributes, as it were, to faithful, continu- 
ous endeavor. 

John P. Roffinella, paying teller, has 
been elected president of the Mt. Pleas- 
ant Improvement Club, that functions 
in a suburb of San Jose. 

Eugene Fatjo, brother of Robert 
Fatjo, manager of our Santa Clara 
branch, gives us a helping hand during 
rush periods and we are always glad to 
have Gene help us out, for he knows 
the game. 

We regret to announce the passing 
of James Gillon and L. V. Slavich, val- 
ued members of our local advisory 
board and respected citizens. Mr. Gil- 
lon was prominent in San Francisco as 
well as in San Jose and has been asso- 

ciated with us since 1917. Mr. Slavich 
was a well-known restaurateur, a 
leader in civic affairs and one of the 
first members of our San Jose advisory 
board. To the surviving relatives of 
these two loyal San Joseans we tender 
our sincere sympathy. 

In a recent issue of the San Jose 
Mercury, we found the following: 

The Bank of Italy, with its nu- 
merous branches throughout the 
state, urges its young men to keep 
"up to the minute" by playing 
golf at least once or twice a week. 
It is not thrown in as a premium 
to the young man, but wholly out 
of consideration for the better per- 
formance of duty and a higher 
standard of service to the public. 
It is basically business, for it is to 
induce results, which can only be 
had when body and mind are alert. 
While our bank encourages athletics 
and general outdoor exercise, it does not 
place any particular stress on "golf," 
leaving the selection of a sport to the 
individual necessities of those who com- 
prise its state-wide organization. 

A few weeks ago Philip Piazza cre- 
ated quite a consternation when he Was 
overheard telling a head office visitor 
"that he expected another this month." 
But Phil was talking about his baby's 

Ventura Branch 

Fifty (50) building permits were 
recently issued by local officials, but 
the particularly interesting part of this 
news is that these half-hundred appli- 
cations were made in one "eight hour" 
day. No wonder we are sometimes 
dubbed "Little Los Angeles." 

The local oil industry is assuming 
big proportions and may yet run lima 
beans a merry race for first place 
among Ventura's productions. Refer- 
ring to "beans," we greatly enjoyed 
vice-president Lagomarsino's article on 
this subject in the California number 
Bankitaly Life. 

When Ed Franz returned from the 
local schools, some days ago, after hav- 
ing made his weekly collection, a bon- 
net was found in his car. This caused 
us to think that Ed, in making his col- 
lections, had "passed the hat around." 
Wonder he wouldn't use his own. 

PAGE TWENTY-FOUR Bdtlkitaly Life 


Hanford Branch 

The Belcher Brothers 

Every morning John Belcher, age 8, 
and his brother, Roderick, nearly 2, 
take a "constitutional" before break- 
fast. These sturdy lads do this because 
their father, Merton Belcher, our assist- 
ant manager, advises it. It is easy to 
see from the above picture that Rod is 
walking under protest and no doubt is 
muttering vigorous objections as he 
realizes that some other little boys are 
riding "bikes" as he "hikes." 

When Joseph Schnereger of our ad- 
visory board saw those beautiful col- 
ored advertising cards in our lobby, he 
said it reminded him of an "art gal- 
lery." Charlie Stuart, creator of our 
pictorial ads, will be pleased to hear 
this and to realize that his pictures are 
not only attractive, but so artistic as 
to appeal to connoisseurs. 

Edith McClellan, stenographer, 
who owns a Chevrolet, 

Came to work on the morn of a 
very wet day. 

The auto skidded, then upset, 
much to her dismay; 

Edith was uninjured, not so the 

During thrift week, Merton Belcher, 
our assistant manager, late of our "Pass 
of Oaks" branch (Paso Robles), spoke 
to the boys of the Y. M. C. A. Merton 
took as his text, "Think in terms of 
tomorrow," and dilated on the remark- 
able career of A. P. Giannini, President 
and Founder of the Bank of Italy, a big 
subject, but Mert handled it in excel- 
lent style. 

We are delighted because of a 
"rumor" that Hanford branch is to 
have a new building. Messrs. MacDon- 
ald, Hays, Sala and Sullivan know why 
we are particularly anxious for a new 
home and for an entrance thereto, 
worthy of our branch. At present our 
portal is on the corner of a cul de sac 
or "blind alley," as they call it in San 
Francisco. Some day, an autoist, in an 
endeavor to enter our "junior boule- 
vard," is going to make a half turn 
and as a result may land right in our 
"spacious" lobby. 

Not long ago a head office man, 
whom we shall call "Fred," called upon 
us and said to a Hanford official, whom 
we shall call "Jim," 

"Jim, this is an awful town." 

Jim said naught, but winked at 
Fred and at the same time walked 
with him towards the door. 

Intermission of ten minutes. 

Fred "Jim, this is a fine town, 

very fine I'll say." 

Jim — "To know us, is to love 

There are some middle-age persons 
hereabout who have never seen an 
ocean, which reminds us that in the 
hills of Brown County, Indiana, could 
be found people, not so many years 
ago, who had never ridden on a rail- 
road. Forty-five minutes from Broad- 
way there are "natives" who think the 
trip to New York too long to be under- 
taken. In the East Side of that metrop- 
olis are youngsters who have never 
seen a tree. 

One feels sorry for some of these 
folk. But what about the people "who 
never rea9 anything" when there's a 
world of opportunity open to them? 

Bankitaly L i f 


Los Banos Branch 

One might imagine from our Spanish 
name, meaning "the baths," that our 
favorite amusement is bathing. While 
we do bathe, as a sanitary precaution, 
we do not indulge in it as a "sport" at 
this time of year. 

In the amusement line there is always 
something doing in Los Banos. If you 
play bridge, it is usually possible to 
"fill in" at a table. If you enjoy a real 
(not reel) play, you may stop in at our 
Lyric Theatre, where an array of 
"stars" (some masquerading, to be sure) 
are to be seen, while, if you insist, there 
is the movie show with possibly your 
favorite hero or heroine in the title 
role. Then occasionally, we have dis- 
tinguished visitors in our community, 
when the good town folk stand in line 
to shake hands with such "celebrities" 
as Battling Nelson. Don't you know 
him? Well, he was once a "whirlwind" 
in the vernacular of the "profession," 
indicated by his name. 

Our Women's Club is still active in 
general welfare work, its aim being "a 
better Los Banos." We have heard of 
the wonderful things being accom- 
plished by the women of San Francisco 
in financing a new building that will be 
devoted to activities in which they are 
particularly interested. When we 
learned that our Mrs. E. D. Knight was 
president of the association having this 
new enterprise in charge, we were 
pleased because "Mrs. Knight knows 

Lompoc Branch 

Our bank was the successful bidder 
for the $30,000 lighting bond issue of 
the City of Lompoc. Seven bids were 

The paved road from the state high- 
way at Buellton to the ocean having 
been completed, we are now looking to 
the fulfillment of our dreams, by having 
a connecting system of boulevards 
within our city limits, contracts for 
which have been let. 

Early and continuous rains have filled 
all of our residents with gladness, who 
can see through the mist of showers an 
abundance of all those good things for 
which our valley is famous and which 
are so dependent on plenteous moisture. 

Bernice Frick has decided on a col- 
lege course and is pursuing her studies 
in Los Angeles, where she may obtain 
a "bachelor's" degree. Who would ever 

think that there would yet be such a 
paradox as a "bachelor girl"? But the 
colleges are turning 'em out every 

Lillian Murdock, having joined our 
local organization in Lompoc Valley, 
may now truthfully be referred to as a 
"Lily of the Valley." 

Napa Branch 

Our branch's remodeled quarters 
were opened a few weeks ago for the 
inspection of our clients and neighbors. 
The reception lasted for three hours, 
differing only in this respect from the 
big "head office" reception of 1921, 
that lasted for three days. 

Joseph A. Migliavacca, our vice- 
president, who has been ill, was a 
notable figure at our grand opening, it 
being his first public appearance in 
two months. We were made doubly 
happy by Joe's presence. 

E. P. Browne, inspector from the 
head office, called here this month, on 
which occasion one of our junior clerks 
asked us what the initial "E" stood for 
in Mr. Browne's name. We unhesitat- 
ingly replied, "Efficiency." 

Miss Alma Keller, our able assistant, 
is taking a rest. Miss Keller has been 
with our branch and its predecessor 
since 1916 and enjoys the esteem of 
her colleagues and of our clients, be- 
cause of her splendid womanly qual- 
ities, combined with unquestioned 

Messrs. Migliavacca, Errington and 
Amstutz visited our Sacramento branch 
on the occasion of the opening of the 
new building. We congratulated our 
associates there on the very fine edifice 
which graces K Street, one that will 
henceforth vie with other noteworthy 
places in the Capital city. 

The year 1922 was a most satisfac- 
tory one for our branch, both in the 
number of new depositors as well as in 
the increase in deposits, in which our 
local school savings department played 
a noteworthy part. 

Miss Adelaide Botterini and Kenneth 
Bunce are now members of our staff, 
Adelaide being a bookkeeper while 
Kenneth is in line for a similar assign- 

Farmers are uniting in grateful ac- 
knowledgment for the bounteous down- 
pour that makes our 1923 prospects 
very bright, but then you know N. A. 
P. A. means, "Napa Always Pleases 


Bankitaly Life 

Los Angeles Branch 

"Needling a Thread" 

The rather protracted visit of Aud- 
itor George Otis Bordwell to Los An- 
geles in connection with some changes 
in our local accounting system, has 
made it necessary for him to resort to 
bachelor methods, at times, in an en- 
deavor to "keep together." The perti- 
naciousness invariably shown by George 
in his professional activities is seen 
reflected in the above picture taken by 
a member of the Saturday Evening 
Post staff sojourning in Los Angeles. 
Note the resolute expression on the 
countenance of our able associate. 
Victory will surely crown his efforts. 

Taft Branch 

Taft, which has been rightly desig- 
nated the "biggest little" city on earth, 
is also the center of the oil industry 
in California. 

Our magnificent new grammar 
school, erected at a cost of half a 
million dollars, will soon be ready for 
occupancy. This building is recognized 
by educators and architects as the "last 
word" in school construction. 

Our branch is doing its share to- 
wards stimulating a healthy public 
spirit in this community which, taken 
in connection with the natural re- 
sources of this section, makes the 
future of Taft compare favorably with 
our sister city of Bakersfield. 

Carlos Rebolledo, our bookkeeper, 
speaks several languages, including 
Chinese. When "Signor" Fong of the 
Montgomery Street branch returns 
from China, we would like to arrange 
for a linguistic "duel" between these 
two boys. We realize the selection of 
a referee in a contest of this kind is 
not going to be an easy matter. 

Personal brevities: — Clifford J. 
Houser, exchange teller, is a former 

eastern college gridiron star.' 

John L. Byrne, head teller and eminent 
soloist, sings the praises of every part 
of California, but Arcadia in Los An- 
geles County. John will tell you why 

he excepts Arcadia. Patricia 

Hunt, daughter of Merle Hunt, our 
assistant manager, is unquestionably 
the most promising child in Kern 
County. Our authority for this state- 
ment is a gentleman of indisputable 
veracity. Al Stanley, head book- 
keeper, is now happily married and as 
happiness is "contagious," all of Al's 

associates rejoice with him. 

With the Misses Greenwell, Carpenter, 
Stevens and Statham in our local or- 
ganization, it is not hard to understand 
why all the Romeos in Taft do their 
banking with us. 

A few more brevities: Glenn 

Crampton, savings teller, is bound to 
have a limousine before January 1st, 

1924. L. J. Brannan has joined 

the Taft Fire Department and com- 
plains when rain "interferes" with his 
"side line." Clay Morstad, gen- 
eral bookkeeper, aspires to be a "Val- 
entino" in the film world, but doesn't 
want Rudy to hear about his ambition, 

so "mum" now, everyone.' Swen 

Brevod, "manager" of our supply de- 
partment, is a handy chap and with the 
aid of his carpenter's kit keeps our 
stock room looking like an up-to-date 
stationery store. If Bill "Val" at the 
supply headquarters in S. F. needs a 
good assistant some day, we shall rec- 
ommend Swen. 


Bankitaly Life 


Centerville Branch 

Assistant cashier Mathiesen was the 
lucky winner of an enameled steel 
range at a local church fair. "Mat" 
has stored the stove, pending the time 
when he will have someone to cook for 
him. We are going to submit Mat's 
picture soon, so that all eligible young 
ladies in our organization may "size 
him up." In addition to being a very 
handsome young man, Mat has, besides 
the range above referred to, an attract- 
ive personality. 

Manager Frank T. Dusterberry has 
been elected president of the Men's 
Club of Washington Township and he 
was "inaugurated" at a recent meeting. 
Progress is the "watchword" of our 
club and Centerville feels that it has 
the right man to lead our progressive 

J. A. Coney, president of the Center- 
ville Chamber of Commerce and a lead- 
ing merchant, has been elected a mem- 
ber of our advisory board. Mr. Coney 
has been a consistent booster for our 
town, so we now welcome him as one 
of our official family. As a boy Mr. 
Coney says he played marbles with 
V. P. Bert Kleinhans in Hayes Valley, 
San Francisco. 

We are enthusiasts over the future 
of this section for the following reasons: 
( 1 ) We are to have a new high school 
to cost $150,000; (2) a sewer to cost 
$75,000 is to be constructed that will 
be extended to the bay; (3) it seems 
likely that we will have a vehicular 
bridge at Dumbarton which will con- 
nect with the highway running through 
our town; (4) it is absolutely certain 
that an imposing building will be 
erected here some day for the Center- 
ville branch of the Bank of Italy. You 
know we have the lot. 

Wasco Branch 

Chief A. W. Hayes of our head office 
inspection department has evidently 
been "sold" on Wasco, for he is the 
only visitor from our San Francisco 
headquarters who has never said "How 
soon can I get out of here?" This tacit 
recognition of Wasco on the part of 
Mr. Hayes is complimentary not only to 
our city, but also to his keen foresight, 
for Athol can see this city "wrestling," 
some day, with Fresno for agricultural 
and commercial supremacy in the San 
Joaquin Valley. Our name, "Wasco," 

will not be any bar to our progress, 
because it is just as euphonious as 

Two fine brick buildings are soon to 
be erected here, a hardware & imple- 
ment store and a gents' furnishing 
"shoppe." We think this announce- 
ment supplies food for thought because 
the establishment of a farming imple- 
ment house presages intensive cultiva- 
tion of our soil, while the introduction 
of a haberdashery shows that our men 
of Wasco are not unmindful of the 
importance of keeping "in style." 

A local hail and snow storm a few 
weeks ago only emphasizes what we 
have always maintained, that this sec- 
tion of California has not only a variety 
of soil products, but a "versatile" cli- 
mate as well, warranted to satisfy the 
most fastidious settler. 

Wasco is turning out some excep- 
tionally fine lettuce and we may yet 
become famous for our "brand" of 
this vegetable and ultimately enjoy a 
reputation such as Hollister has for 
hay, Ventura for beans, Oroville for 
olives, and Marysville for peaches. 

When Auditor G. O. Bordwell called 
here recently we thought of the various 
names by which he is known and have 
concluded to recommend a new one, 
George "Only" Bordwell. How does 
that strike our readers? You know 
there is "Only" one Bordwell. 

Manager McCain has just purchased 
a Chevrolet sedan, a new one, and 
having been, up to this time, a devotee 
of Henry Ford, he finds it hard to keep 
from going out of the "wrong" door of 
his garage, all because, as Mac ex- 
presses it, "the propelling mechanism 
on a Henry differentiates from that of 
its French cousin, the Chevrolet." 

San Pablo Avenue Branch 

Ground has been broken near here 
for a new factory of the Westinghouse 
Company. We congratulate this organ- 
ization on its foresight in locating in 
this part of the state, at the very en- 
trance to the Pacific Ocean. We did 
not fully appreciate what our geograph- 
ical position meant until one of the 
contributors to the "California" num- 
ber of our house organ stated that our 
"ocean washed the lands in which more 
than one-half of the globe's inhabitants 
live." Mighty fine to reside on the 
shores of this greatest international 


B an kit a I y Life 


Modesto Branch 

Andrew Gandolfo is being congratu- 
lated on his appointment as an assistant 
cashier. We shall soon extend Andrew 
additional felicitations, because of an 
event that is scheduled to take place in 
a short time, in which a certain very 
fine young lady from Oakland will par- 
ticipate. The Gandolfo model bungalow 
on McHenry Avenue is nearly ready 
for occupancy. 

Carl Hansen is such a golf enthusiast 
that if he is not at his desk he can 
always be found on the "links." Carl 
points to Rockefeller as an example of 
what golf may do for a man in keeping 
him physically fit. 

Our branch is proud of its; record in 
school savings and is mighty glad that 
it ranks number 5 among the interior 
branches in the results accomplished. 
We realize that Santa Rosa, San Mateo, 
Stockton and Napa have quite a lead 
on us yet, but they should remember 
that they are all older cities than Mo- 
desto. We would like to bet Joe Grace 
at Santa Rosa, Lin Castle at San Mateo, 
Bob Teefy at Stockton and Joe Miglia- 
vacca at Napa that before the dawn of 
another year we shall pass all of them 
in our school savings accomplishments. 

Manager C. F. Wente went to Tracy 
a few weeks ago in his old Buick, to 
tow in a new one that he had aban- 
doned the previous evening. Carl says 
the new "boat," being inexperienced 
and unused to the "high" ways of the 
San Joaquin Valley, suffered a nervous 
breakdown on the first trip out. 

Herbert Johnson, formerly of our 
Merced branch, is now a member of 
our staff. As summer approaches we 
think that Bert will learn to like Mo- 
desto's climate more than that of Mer- 
ced, because we are just a little nearer 
San Francisco with its beneficent sea 

Tracy Branch 

Our city's milk condensory is nearly 
ready. And then, Modesto, "watch 
out," for Tracy is ambitious to lead in 
this activity, even though by doing so 
we eclipse "modest" town and Los 
Banos (pronounced Los Banyos). 

T. O. Moore, assistant cashier, dis- 
tinguished himself in the stock subscrip- 
tion drive by being seventh on the roll 
of honor. 

At a recent happy reunion held in 
Oakland at the home of the grand- 

mother of our Miss Dorothea O'Neill, 
thirty-three native born grandchildren 
were present. Oakland, unlike Los An- 
geles, does not recruit its population 
from other states. As a matter of fact, 
it doesn't have to. 

Gold service pins have been distrib- 
uted to seven members of our advisory 
board who have served this branch and 
the American Bank of Tracy, our pred- 
ecessor, for more than ten years. 

Our new forty-foot boulevard 
through Tracy is about ready, and 
criticism of the old "detour" will soon 
give way to praise for the new road, as 
tourists glide over our smooth, scien- 
tifically constructed highway to and 
from the "heart" of the State of Cali- 
fornia, by which we mean the San 
Joaquin Valley, than which there are 
few areas in the world that reward the 
tiller of the soil so generously. 

Knights Landing Branch 

Here are some excerpts from a pub- 
lication of 1870 in which our town is 

Knights Landing is on the Sac- 
ramento River, eight and a half 
miles north of Woodland. It con- 
tains one church, a school house, 
one hotel, one flour mill, one 
blacksmith shop, two bakeries, a 
drygoods store, and six saloons. 

In 1850 "Billy" McDaniel laid 
out the town, and in 1853 Charles 
F. Reed re-surveyed it, locating 
the present streets. J. W. Snow- 
ball erected the first store in 
Knights Landing, a name given 
the town in honor of the owner of 
the grant. 

An idea of the primitive nature 
of Knights Landing in 1852 may 
be gained from the fact that it was 
then a wilderness, infested with 
wild animals. It was in those days 
that A. W. Morriss once heard a 
commotion in the town's corral, 
and upon investigation found a 
grizzly bear amongst the domestic 
animals in the pen. 

The town possesses an excellent 
landing and extensive wharves, the 
only ones in the county. In point 
of trade and population Knights 
Landing is the third town in the 
county, and with the well-known 
energy of its citizens, directed in 
the proper channels, it bids fair to 
become a leading commercial 

19 2 3] 

Bankitaly Life 


Geo. W. Gridley 

Gridley Branch 

George W. Gridley, 
in whose honor our 
town of Gridley in 
Butte County was 
named, was born in 
New York, but when 
very young he moved 
to Galena, Illinois, 
the old home of Gen- 
eral U. S. Grant. In 
1850, he left for the 
Pacific Coast, at 
which time he under- 
took to drive some 
sheep and cattle across the plains, but 
they died en route. 

On Gridley's arrival in California, he 
settled on the land where our town now 
stands and engaged in the live stock 
business. In 1852, when he had 
"cleaned up" ten thousand dollars, he 
returned to Illinois, where he bought 
3000 head of sheep. These he started 
to drive across the country, but had 
only 600 left on his arrival. This small 
band of sheep was the basis of his 
future wealth, which at one time in- 
cluded thirty thousand acres of land 
that extended from Nelson to Durham. 
Incidentally Gridley became one of the 
State's leading wool growers, and it 
was a common thing in those days to 
obtain 60 cents a pound for wool that 
was shipped to New York City in car- 
load lots. 

The establishment of a post office at 
Gridley's ranch in 1862, practically 
marked the beginning of this town. 
Later, when a railroad was constructed 
through the place, Gridley made a 
trade with the transportation company 
whereby part of the town site was ex- 
changed for ranch land west of the 

Geo. W. Gridley was not only a wool 
grower, but assisted in the early devel- 
opment of this part of our State by 
placing immense areas, that were cov- 
ered with timber and underbrush, under 
cultivation. He also raised very fine 
horses, and gave his moral and finan- 
cial support to the builders of our first 
transcontinental railroad. 

Mr. Gridley was married to Helen 
Orcutt in Illinois, where their eldest 
child was born. Mrs. Gridley joined 
her husband in California in 1855, 
coming via the Isthmus of Panama, over 

which she rode on a mule. Mr. Gridley 
died on March 9, 1881, at his home 
ranch, and on August I, 1901, twenty 
years later, Mrs. Gridley passed on. To 
this intrepid pioneer couple Northern 
California owes much for having not 
only assisted in developing our agri- 
cultural, wool and live stock interests, 
but for helping that migratory impulse 
which Horace Greeley sought to awak- 
en in the nation by advising young 
people to "Go West." 

Livermore Branch 

Our sheep and cattle men are jubi- 
lant because of an abundance of feed 
combined with most excellent prospects 
for good prices. 

Livermore's post office receipts for 
1922 showed a large increase over all 
previous years. 

The rainfall in our valley up to the 
present time is about equal to normal 
for the entire year. This fact, taken in 
connection with other favorable "symp- 
toms," has caused local agriculturists 
to predict a wave of prosperity for this 
section that may make our neighbors 
on the east side of Altamont Pass envi- 
ous of their Alameda County brethren. 

Ever since Robert Livermore settled 
in this valley, there has not been such 
an urgent demand for houses as there 
is now. We have heard Ventura de- 
scribed as "Little Los Angeles" because 
of its phenomenal growth and our read- 
ers should not be surprised to yet hear 
of Livermore being referred to as 
"Little Oakland," because the great 
activities in our neighbor City of Oaks 
seem to be having their reflection here. 

Peter Perata, bookkeeper, has been 
starring in "Nothing but the Truth" at 
the Sweeney Opera House. Pete's abil- 
ity as an actor has caused Charles 
Arnette Smith, our manager, to encour- 
age him to persevere in his histrionic 
endeavors. Charlie has told Pete all 
about such great Thespians as John 
McCullough, Edwin Booth, David Be- 
lasco, James O'Neill, Henry Irving and 
the Salvinis, so Pete's imagination has 
been fired to the point where he thinks 
that he too may yet achieve in a big 
dramatic way. Fancy Pete, some day, 
filling the Columbia theatre, possibly 
the Auditorium, in San Francisco, at 
prices ranging from $2 to $5 plus 10% 
war tax. If that time ever comes, Liver- 
more will be there 100%. 


Bankitaly Life 


San Luis Obispo Branch 

Wm. John Kieferdorf, trust officer, 
addressed our Thursday luncheon club 
on "Trusts." Will handled his subject 
in a masterly way that will surely pro- 
mote a keener local interest in this 
most important matter. 

Visitors: — James A. Bacigalupi, vice- 
president, accompanied by Architect 
Minton, called to consult with us about 
remodeling our premises. — Wm, H. 
Snyder, chief examiner, was also a wel- 
come visitor. — We are always pleased 
to meet the "boys" from the head 
office, who invariably have a glad note 
in their messages that helps to.preserve 
a strong feeling of kinship in our inter- 
branch relations. 

The equability of our climate is 
attested by the U. S. Government, which 
in an official report declares our city to 
have the most even temperature of any 
place in the entire country, excepting 
a limited area in Florida. To verify 
this, we are pleased to state that one of 
our residents had fresh watermelon for 
dessert on Sunday, January 7, while 
others are now picking raspberries. 

We feel that the above tribute to our 
climate and soil is going to evoke some 
misgivings, maybe a protest, from 
George Hamilton Park, of our Hayward 
branch, that may possibly take the 
form of a "poem," but Uncle Sam is a 
good "square shooter" and knew what 
he was about when he proclaimed our 
climate the "second best." Our equable 
temperature promotes equanimity in 
those fortunate enough to live here and 
is also conducive to longevity, as our 
manager Mr. Pearce pointed out, in his 
illuminating article on "Long Life in 
California," that appeared in our house 
organ, recently. 

Elizabeth Ann is the name of Alvin 
R. Kaiser's little girl, and we hope soon 
to submit for our readers a picture of 
our assistant cashier holding his daugh- 
ter, just as our trust officer did a few 
months ago, when we became acquainted 
with Dorothy Gertrude Kieferdorf. 

Signor Ponzio, of our foreign busi- 
ness extension department, does not 
think so much of our "wonderful" cli- 
mate on which we have dilated above, 
for on the occasion of a recent visit 
the top of his auto was blown off and 
he had to be towed into town. That 
was "unusual weather," however, as 
Jim Fickett used to say. 

W. T. Rice, assistant manager, is 

said to be a wonder in preparing deli- 
cacies for the table, particularly aba- 
lone, that flourishes on the coast near 
our city. Wei should not be surprised 
at this, because it is said that one of 
Bill's paternal ancestors was a member 
of the firm of Lamb, Curry and Rice, 
who put a dish on the market bearing 
that name, which has been the delight 
of epicures ever since. 

Melrose Branch 

At a recent meeting of the Branch 
Managers Club of Oakland, our Mr. 
Hargreaves was duly initiated. Jim says 
that inasmuch as he was not pledged 
to secrecy, he doesn't mind telling the 
pass words: "Loyalty to the bank and 
to its clients." 

Mrs. Tavis of our branch has been 
hostess at an entertainment to the Oak- 
land members of the Bank of Italy 
staff. A very high grade performance 
was staged, classical dancing being 

A. B. Winston, teller, in speaking of 
his little daughter, paraphrases Coue 
by saying that his "Betty couldn't be 

Hayward Branch 

Our bank building is soon to be re- 
modeled. When our present home was 
erected ten years ago, it was not 
thought possible that, in the short 
period of a decade, we would have to 
enlarge our premises. 

Hunt Bros, cannery expects to turn 
out 60,000 cases of spinach this spring. 
The local packing season will probably 
run for seven months this year, instead 
of five as heretofore. 

A great refrigerating plant is being 
planned for Hayward, with a capacity 
that will care for all surplus perishable 
products grown in this part of Alameda 
County. This enterprise will surely 
stimulate fruit and vegetable culture. 

M. C. Petersen, chairman of our 
advisory board, is very happy as he 
displays his gold service button, the 
gift of President Giannini. This is the 
first button Mr. Petersen has ever worn, 
except, of course, those fasteners that 
are "necessary," for Mat does not Wear 
kilts, although he admires Harry 

One person in every three in Hay- 
ward owns an automobile. If we were 

B a n k i t a / v Life 


to include Fords the proportion would 
be even greater. Come now, Los An- 
geles, can you beat that? 

We have gained nearly 500 new 
depositors and close to a quarter of a 
million in deposits during the past year. 
Wonder what Charlie Smith and Frank 
Dusterberry will think when they hear 
this? But then, as we have told these 
beys before, Hayward has not always 
been so prosperous, so cheer up, 

Our local baseball team, "Pink" 
Leonard, manager, is scheduled to play 
a nine of female ball tossers from Indi- 
ana. These "Hoosier" ladies are said 
to be marvels, whose quaint dialect on 
the diamond is no less interesting than 
their antics in running bases. The 
present day capers of these girls is a 
far cry from the time 

"When they left the house, bare- 
headed, to go out and feed the 
When the frost was on the punkin 
and the fodder in the shock." 

business. Here in Sunnyvale our man- 
ager's friends all know him as "Char- 
ley," but up in Sacramento he is the 
"Honorable Mr. Spalding," an appro- 
priate title, however, for a worthy gen- 

Sunnyvale Branch 

Joseph Kehl, formerly at head office, 
is now a member of our local staff. As 
Joe's home is in Sunnyvale, he finds it 
more "convenient" to serve our branch, 
than to take the 6:55 every morning 
for the H. O. 

Our "extra compensation" came 
during the holiday season and although 
some of us could not spend it, we 
surely look forward to the time that 
we can, possibly in Europe, as we rem- 
inisce over the days when some of us 
were with the A. E. F. 

"When are you going to move?" is 
a favorite question in Sunnyvale, and 
we are always half inclined to answer, 
"Ring up Clarence Cuneo; maybe he 
knows." It was not very nice of Clar- 
ence to open up the new building of our 
Sacramento branch before ours, but 
maybe it was because the State Legis- 
lature was in session and it was a pro- 
pitious time from an advertising stand- 
point. If Mr. Cuneo opens up the Sev- 
enth and Olive branch, Los Angeles, 
before Sunnyvale, we advise him to 
keep on the main highway hereafter in 
going through Santa Clara Valley and 
not take the Sunnyvale "detour." 

Manager C. C. Spalding of this 
branch, who represents our district in 
the California Legislature, is now in 
the Capital, looking after the State's 

Santa Clara Branch 

Our city has just completed a new 
high school costing $235,000. The 
main building is 248x184 feet and the 
plant includes a gymnasium besides ex- 
tensive metal and wood working shops. 
Santa Clara is proud of its educational 

Santa Clara University, the oldest 
seat of higher learning in California, is 
about to erect an Alumni Science Hall 
that will provide sufficient space for the 
many scientific departments now scat- 
tered over the college grounds. A 
swimming pool 40x100 is also contem- 
plated as an integral part of the gym- 
nasium. When the building program 
of the University has been carried out, 
a magnificent group of halls of learning 
will mark the historic site. 

The Knowles Pottery Company has 
started to manufacture its ware and we 
desire to reiterate our hope for the 
success of this enterprise, so that Santa 
Clara "dishes" may yet be used all over 
the world in serving Santa Clara 

R. A. De Craene, former assistant 
cashier, is now a resident of Los Ange- 
les, a change made necessary because 
of the illness of Mrs. De Craene. We 
hope that our friends will find health 
and happiness in the southland. 

John Philip Sousa is now in our 
"note" teller's cage, rather an appro- 
priate place, we think, for one bearing 
a name so well known in musical cir- 
cles. May complete harmony reign in 
John's department, with not so much as 
one discordant note. 

Raises and Other Things 

A Few Pertinent Questions from the 
A. I. B. Official Organ 

Do you want a raise? Sure you do. 
The man who is not working forward 
toward a better position is not worth 
what he is new earning. Are you 
equipped to take the job above you? 
Could you fill the manager of your 
department's place if told to do so 
tomorrow? Don't fool yourself and 
answer "yes" at once. Think it over 



MARCH- 1923 

Nature's Supreme Handiwork 

Section of Lobby, new Southern California Headquarters, Bank of Italy, 
Seventh and Olive Streets, Los Angeles, California 




Head Office 

Volume 7 

MARCH, 1923 

Number 3 

Bank of Italy Opens New 

Headquarters in Southern 


"Though our work be perfect 
in all other respects, if it fail in 
the purpose for which it was in- 
tended, then we have wrought in 
vain." — Lycurgus. 

When our bank completed its new 
building at Seventh and Olive Streets, 
Los Angeles (to be known as the 
Southern California Headquarters of 
the Bank of Italy) it knew a wonderful 
commercial structure had been created. 
Anyone, with even the most meager 
appreciation of architecture, could see 

But would it appeal to the people 
for whose convenience it had been 
erected? Could the hundreds of thou- 
sands of citizens of Los Angeles and 
its environs see in this great edifice 
their ideal of banking service? Would 

the bank attract would it compel the 

public attention and acclaim for which 
it was intended? 

Naturally the answers to those ques- 
tions kept interest at the peak during 
the days that preceded the formal open- 
ing on March 16, and it was with no 
small measure of real gratitude that 
the bank's staff found itself fairly swept 
aside by the tremendous crowds that 
surged in when the doors were offi- 
cially thrown open. 

"The finest commercial structure of 
more than five stories erected in South- 
ern California during the last three 
years," said the Los Angeles Chapter 
of the American Institute of Archi- 
tects, when they looked at the building. 
More than 90,000 Angelenos who vis- 
ited the new building during the two- 
day public reception that marked the 
formal opening echoed the sentiments 

of the architects — and added comments 
even more forceful. 

Style of Architecture 

The building twelve stories high 

rises 156 feet above the street level, 
and in size as well as structural beauty 
dominates its environs. It is executed 
in sixteenth century Italian Renaissance 
period of architecture and conforms 
with utmost purity to its type. The 
main banking lobby on the ground floor 
has been characterized as the most 
perfectly sustained example of this par- 
ticular period to be found in the United 
States. In recognition of this splendid 
contribution to the building program 
of Southern California, the Los Angeles 
Chapter of Architects has presented 
our bank with a handsomely sealed 
parchment, conferring upon this insti- 
tution the Certificate of Award for 
supremacy in the field of architecture. 

Something of the spaciousness of the 
lobby may be appreciated in looking at 
the view shown on preceding page. 
The arrangement is ideally suited to 
the requirements of the bank, with the 
central island and officers' platform 
conveniently located with reference to 
the needs of the public and bank's staff. 
Decorations and Furnishings 

The ceiling, deeply coffered, is exe- 
cuted in striking colors, harmonizing 
perfectly with the rich tones of the 
marble floors and screens. Six varieties 
of marble have been used in this room: 
French Escallette, Italian Black and 
Gold, French Rosotto, English York 
Fossil, French Hauteville and Tennessee 
Rose Pink. The first three are em- 
ployed in the screens and wainscoat, 
while the others constitute the floor. 
The upper portion of the screens, above 
the counter, are of wrought iron and 
bronze, finished with burnished gold 
and polychrome. 

(Continued on page 5) 

[MARCH, 1923] 

Bankitaly Life 


(Continued from page 3) 

Plastone, covered with gold leaf and 
decorative art, is used for walls and 
ceilings. This is done to accomplish 
the contrasting harmonies and to bring 
out the complementary hues of the 
various materials. All rugs and furni- 
ture used in the main banking room 
are of special manufacture designed to 
fit in perfectly and modify the quarters 
they occupy. 

The decorations of the Women's 
Banking Department, on the second 
floor of the building, are of the modern 
Italian period. The color scheme of 
taupe and gold is carried out in the 
rugs, furniture and hangings, as well 
as in the architectural appointments. 
The floors are of linotile covered with 
Hartford-Saxony rugs, while the furni- 
ture designed for comfort as well as 

beauty is carved Italian walnut. The 

tone of the room is warm and cheerful, 
but not lacking in business-like atmos- 

The Upper Floors and Exterior of 

From the third to the twelfth floor 
the building is divided into offices, with 
30 rooms on each floor. Rose Pink 
Tennessee marble is used for floors 
and wainscoating, while the wood is 
ribbon grain battan mahogany, with 
the walls in warm grey tones. Each 
floor is so constructed that all or any 
part may be easily given over to the 
use of one organization. 

Exteriorly, the building stands upon 
a polished granite base, about which 
calsichrome terra cotta is used as high 
as the third floor sills. The terra cotta 
blocks are the largest that have been 
manufactured in California, being the 
product of the Tropico Potteries. A 
bronze frieze surmounts the terra cotta 
work, extending across the building, 
just below the cornice. From the third 
floor to the ninth, a special rug brick 
is used, while the tenth, eleventh and 
twelfth stories are a colonnade, on 
which rests the main cornice of the 

At night this great edifice is flooded 
with light from 30 immense electric 
lamps, furnishing a brilliancy of more 
than 3,000,000 candle power. The 
effect is most striking as viewed from 
the approach on either Seventh or 
Olive Streets, bringing out in clear 
relief the frieze of gold and bronze 

ornamentation that extends across the 
face of the building. 

Notable Visitors at Reception 

Many people of prominence called 
during the opening days to pay their 
respects to President A. P. Giannini. 
These visitors included numerous bank- 
ers of Los Angeles, as well as many 
from distant cities. Not the least nota- 
ble of those who came to express best 
wishes was Jackie Coogan. Many other 
stars of filmdom also visited the bank, 
the galaxy numbering among its mem- 
bers: Norma Talmadge, Mary Pickford, 
Douglas Fairbanks, Cecil B. de Mille, 
Jos. M. Schenck, Sol Lesser and others. 
In addition many others prominent in 
the cinema industry sent baskets of 
flowers, expressive of their interest in 
cur bank's new quarters. 

Almost the entire lobby was filled 
with flowers in set pieces and baskets, 
requiring the assistance of several em- 
ployees to receive and place the gifts. 
The counters were lined with flowers, 
and available floor space was at a pre- 

An Innovation in Los Angeles 

A distinct impression was created by 
the appointments of the Women's 
Banking Department. This is the first 
department of its kind to be opened in 
Los Angeles and much interest was 
expressed in the unique service it 
offered. Miss Grace S. Stoermer, who 
is director of the department, is promi- 
nent in civic and club activities in Los 
Angeles and during the opening she 
was deluged with congratulations from 
hundreds of her friends. The Women's 
Banking Department is located on the 
second floor of the building, and is 
served by a special elevator. 

Headquarters Bancitaly Corporation 

Headquarters of the Bank of Italy's 
executive organization for Southern 
California will be maintained in the new 
building, as well as the offices of the 
$20,000,000 Bancitaly Corporation. 
This latter organization was formerly 
located in New York City, where its 
operation had been concerned with the 
purchase of the East River National 
Bank and Commercial Trust Company, 
as well as the Banca d'America e 
d'ltalia in Italy. Plans for its future 
activities center in California, where 
practically all of its stockholders reside. 

(Continued on page 7) 

Officially 90,457 people attended the opening of our bank's new quarters in 
Los Angeles. No, the upper photograph does not show the entire crowd. These 
are just a few of the people who dropped in when things were a bit dull. 
Punch and cake were served. If you don't believe it, look at the lower picture. 
The conference room, adjoining the Women's Banking Department, made an 
ideal place for the refreshment table. 

[MARCH, 1923] 

Bank Italy Life 


(Continued from page 5) 
The Seventh and Broadway Branch 

Renovation of the former Los An- 
geles branch at Seventh and Broadway 
was undertaken, and its quarters tem- 
porarily closed, immediately following 
the opening of the new Bank of Italy 
building. The doors were reopened at 
the end of March and the Broadway 
branch is now in operation under the 
management of H. R. Erkes, formerly 
comptroller at head office. 

The official personnel of the South- 
ern California Headquarters includes: 

A. P. Giannini, president; W. A. 
Bonynge, vice-president; J. S. Henton, 
vice-president; Secondo Guasti, vice- 
president; H. R. Coulter, Asst. V. P.; 
R. E. Trengove, assistant vice-president; 
A. A. Micheletti, assistant vice-presi- 
dent; C. E. Robinson, assistant man- 
ager; L. R. Sevier, assistant manager; 
H. Stanton, assistant cashier; R. A. 
Birchfield, assistant cashier; H. W. Par- 
ker, assistant cashier; F. G. Lunge, as- 
sistant manager, business extension de- 
partment; Boyd Hamilton, assistant 
manager, credit department; Marc 
Ryan, manager trust departments, Los 
Angeles branches; Fred L. Fester, as- 
sistant trust officer; Miss Grace S. 
Stcermer, director women's banking 
department; Miss M. B. Gibbons, assist- 
ant director women's banking depart- 
ment; F. T. Skinner, assistant manager 
bond department; L. W. Kimball, con- 
troller Los Angeles bond department. 
Los Angeles Development Program 

The opening of the bank's Southern 
California Headquarters was generally 
hailed as a definite step in the develop- 
ment of Greater Los Angeles, where 
the progressive tendencies of the Bank 
of Italy in the north have long com- 
manded public attention. But the action 
of our bank in building so substantially 
is recognized as a complete acceptance 
and approval of the Los Angeles pro- 
gram, and has won already the hearty 
support of the community at large. 
L. A. Newspapers Pleased 
The Los Angeles press received the 
opening of our new building with ap- 
parent pleasure. All of the papers de- 
voted extensive space to the events 
incident to the public reception and 
reviewed in detail the various features 
of the bank's appointments and facil- 
ities. Two of the papers issued special 
sections on the opening day, and the 

formal ceremonies that accompanied 
the occasion were made the subject of 
news reels by two film companies. 
Radio announcements of the opening 
were broadcasted throughout California 
and every opportunity extended to in- 
sure the bank the greatest measure of 
public attention. 

Our Bank's Future in Southern 

Already plans are being discussed in 
the press of Los Angeles, as to the 
possible expansion our bank may un- 
dertake. It has been suggested that if 
the development in the south is to 
parallel the bank's growth in the north, 
it will be necessary to establish some- 
thing like 50 branches and embark 
upon a building program that will run 
into millions of dollars. Just what atti- 
tude the bank itself will take with 
reference to the future remains to be 

A Few Words to All Boys 

You may not be handsome; you 

may not be athletes but if you are in 

love with your jobs, big men will want 
your services; fine men will want to 
talk with you; successful men will want 
to be with you. Being in love with 
your job is merely applying common 
sense to your job. Say: "This is my 
jcb; I've got certain work to do; the 
better I do it, the better I like it. I 
must watch details; I must handle big 
things and little things with care — I 


Tackle your job in this spirit, and 
you'll find yourself falling in love with 
it. Then you'll magnetize conditions; 
you'll energize yourself; you'll draw 
the fulfillment of your ideal to yourself. 


Observations by John T. Nourse 
The word "California," to the aver- 
age person, means "the great out- 
doors" a pleasant place to live, to 

work, and to play. The rapid increase 
in the population of the State demon- 
strates that it is a State where people 
like to live; the growing industries of 
all kinds demonstrate that it is a favor- 
able place to work; the continued suc- 
cesses in all branches of outdoor games 
demonstrate that it is a good place 
to play. 

[MARCH, 1923] 

Bankitaly L i f 


Our Bank's Personnel in L. A. 

With the opening of our new head- 
quarters in Los Angeles a material 
increase in its personnel has been nec- 
essary in all departments. In addition 
to new employees obtained from local 
sources, there has been an influx of 
members from our San Francisco or- 
ganization, some of whom are perma- 
nently located while others are here 
pro tern. 

Of chief interest is the presence in 
Los Angeles of A. P. Giannini, Presi- 
dent and Founder of our bank. Mr. 
Giannini came to Los Angeles several 
weeks prior to the opening of our new 
building and during the crowded days 
in the old quarters at Seventh and 
Broadway, proved to be the guiding 
spirit in the formation of plans for the 
future. It was shortly after his arrival 
that, through the purchase of the Com- 
mercial National Bank, there was added 
to the group of our Los Angeles offi- 
cials one of the most dominant men in 

Southern California banking circles 

W. A. Bonynge. 

Mr. Bonynge, President of the Com- 
mercial National Bank, is held in the 
highest regard by banking colleagues 
throughout our state and his election 
to a vice-presidency of the Bank of 
Italy was received with every evidence 
of popular approval. His personality is 
one that wins quick admiration and his 
association 'with our bank is particu- 
larly fortunate, coming at a time when 
the operations of the bank in Southern 
California are in course of rapid ex- 

From San Francisco have come H. 
R. Coulter, assistant vice-president; H. 
R. Erkes, former comptroller and now 
manager of our Broadway branch; G. 
O. Bordwell, auditor, whose presence, 
however, is of a temporary nature; J. 
E. Lyons, chief clerk; Miss M. B. Gib- 
bons, assistant director, women's bank- 
ing department. In addition to these 
the staff has been augmented by trans- 
fers from other branches. J. S. Henton, 
vice-president, formerly at Bakersfield, 
is now at our Los Angeles branch; O. 
Austad, assistant cashier at San Diego, 
has become assistant manager of our 
Broadway branch and Sheridan B. Fry 
of the bond department has transferred 
his operations from San Diego territory 
to Los Angeles. 

Of a less permanent nature has been 
the association at Los Angeles of W. 
W. Douglas, vice-president, head office, 

who spent the early part of this year 
in charge of activities here, and later 
devoted his time to arrangements for 
the public reception incident to the 

The Women's Banking De- 
partment at L. A. 

When the Bank of Italy opened its 
Southern California Headquarters and 
invited the public to attend the two-day 
reception, March 16 and 1 7, the 90,000 
people who visited the new building 
were surprised to find that such com- 
plete provision had been made for the 
requirements of women who preferred 
to have a bank account of their own. 
On the second floor of the building, 
served by a special elevator, are found 
the quarters of this new department. 
A tastefully decorated banking room 
on the sunny southern side of the 
building greets the eye as you step 
from the elevator. Its checker-board 
floor is singularly in keeping with the 
general decorative scheme. The walls 
and ceiling are of a cream white, 
broken only by a wide border of color 
extending around the room on all four 
sides. The period furniture is of a 
special design, beautifully executed, 
and not only comfortable, but extraor- 
dinarily handsome. 

Immediately adjoining the banking 
room of this department is a large con- 
ference room, suitable for use of wom- 
en's organizations, or, should the occa- 
sion demand it, group meetings of bank 
employees. There is also a rest room 
on this same floor, completing the unit 
of service that the bank has provided 
for its women customers. 

This department is under the direc- 
tion of Miss Grace S. Stoermer, assisted 
by Miss Marguerite B. Gibbons. Every 
facility for the convenience of transact- 
ing banking business is provided and a 
special staff of women employees is on 
hand to handle the usual details of 
business. Although the department has 
been in operation but a few weeks, the 
progress that it has made practically 
insures its success. 

Henry Ford was recently quoted as 
saying that the world would benefit 
enormously if all interest on money 
were to be abolished. Possibly Mr. 
Ford has in mind some compensating 
substitute for interest that might be 
used to induce the owners of surplus 
savings to loan them. — Industry. 

Women's Banking Department, Bank of Italy, Los Angeles. The first to be estab- 
lished in that city. Miss Stoermer, director, standing on right; Miss Gibbons, 
assistant director, on left. Lower picture: — A corner of Women's Banking 
Department, just prior to reception. 

Have women a place in business? The answer may be found in the above illustrations. The upper 
photograph shows the Women's Banking Department, on the second floor of our Los Angeles branch, 
as it appeared before the contractors turned it over to Miss Stoermer and her staff. Now drop the 
eye a few inches and see how it looks after the women, with the aid of some carpenters and painters, 
had a chance to straighten things around and put on the finishing touches. 
(Pictures taken from the same point.) 

(Dir ^foitfhrni Cafifimriii (Dumfcr 

{/fj/ftha fa wrcmti7f ///errft/t zJ^fiJf'grt /f//// O./rr/fftrjt 
(i/'ftvr/i f/i ^ y /rr/i/Yectf//r fr/ts/ S/ntr .; wfi /rtY/ioi tfo 
fi'/Tt/wt/ ,//a.J rtrtfjef/ ////• t'tr/ww.i r/ajjrj f/'Mr// ' /rw/;. 
fjrctt/f/t ' j/f/'Jrer, <*/•/// fr ///s year ///j//Vfrtt . /rffttf/ws/ 
/f /ft/ .■/Hjiffew frrejft//arr//yttr//Mt/wfrtt/~/tO''/ 

^Qnk oj Jtaly-Sewnth anb (Dlioe Streets - Pos Ang eles 

fu/r/'/tq /w/i Jf//r/ff//'y w/j //try /rj //rJm'/j/a o/' 
fj.rfr///ifi/ttf/ ' ///ft'///// //) r/irJ.i ////.i / /t/r////r fforj /// jr/'// 


Crritftrai* of manor 

-~ — -^=^fEiitk of 3f3y <C/r — — - 

. 7// /r/////T//////htf>/M'\ ///////vr/M/f //>//// /'rw/'r// fr///////r. //r/////// 
////?/////■. V)///////"/ //•////■// //t'/s/r///' /'fff/////t///t/'J^/'/ir 


Awarded our bank for merit in design and execution of work on the new tweh 
story building of Southern California Headquarters, Bank of Italy, 
corner Seventh and Olive Streets, Los Angeles. 

[MARCH, 1923] 

Bank Italy Life 


Distinguished Architects Con- 
fer Unusual Honor on 
Bank of Italy 

Selected by the Southern California 
Chapter of the American Institute of 
Architects as the finest commercial 
structure, of more than five stories, 
erected in Southern California during 
the last three years, the new headquar- 
ters of the Bank of Italy, at Seventh 
and Olive Streets, have attracted un- 
usual attention. 

An exhibit was held in Los Angeles 
during the early part of the year, at 
which time architects placed on exhibi- 
tion models of various buildings and 
homes that had been erected, or Were 
in process of erection, in Southern 
California. A jury of disinterested 
architects was chosen to pass upon the 
varied structures, and to select those, 
in each class, that seemed to represent 
the best architectural design. In all, 
there were three classes: dwellings, 
commercial structures of not more 
than five stories, and commercial struc- 
tures of more than five stories. Interest 
centered chiefly on the third group, 
because of the tremendous building 
activity that has been experienced in 
Los Angeles. 

With a building program of un- 
usual magnitude rivaled only by that 

of New York City Los Angeles has 

commanded nation-wide attention in 
matters of architecture. Probably no- 
where else in the country, during the 
last three years, has the increase in the 
number of office buildings been more 
marked. Los Angeles found itself ex- 
ceedingly short of suitable commercial 
structures and at once launched a pro- 
gram calculated to correct this situa- 
tion. The result has been that a tre- 
mendous number of buildings have 
been put up and because of the value 
of the property upon which they Were 
erected, these structures have necessar- 
ily been of the finest execution. 

In consequence, it is regarded as no 
small honor that the new Southern 
California headquarters of the Bank of 
Italy has been selected for this special 
award from the Southern California 
Chapter of the American Institute of 

Among Our Books 

Learn to Use the Library 

Next to 
the classes 
provided by 
the Ameri- 
can Institute 
of Banking, 
our library 
offers to ev- 
ery one in 
our organi- 
zation the 
greatest op- 
portunity for 
education along banking lines. 

We are prepared to furnish valuable 
data on foreign trade, branch banking, 
exchange, bonds, trusts and a great 
variety of other subjects having rela- 
tion to banking. 

For the executive or for the depart- 
ment manager, we are always glad to 
obtain information, which, if not avail- 
able in our library, we seek in City or 
State libraries. 

Get acquainted with our system and 
learn to use it, for it will react to your 
benefit as well as to the Bank of Italy. 
Following is a list of some books 
recently added to our library. 
Accounting — Kester, R. B. Accounting 
Theory and Practice. Vol. 1 . 

An excellent first book in ac- 
counting. The reader is taught 
to analyze business facts and 
conditions from the beginning 
and is given a broad yet inten- 
sive development in important 
points and special applications 
of accounting principles. 
Credit — Kavanaugh, Thos. J. Bank 
Credit Methods and Practice. 1921. 
This book contains an accu- 
rate description of the operation 
of the credit department of a 
modern bank, showing how 
credits are passed upon by bank 
executives and how essential in- 
formation is kept on file. 
Federal Reserve — Kemmerer, E. W. 
A B C of the Federal Reserve System. 
This is the first clear and 
comprehensive account of the 
Federal Reserve System. It gives 
also a history of the conditions 
out of which need for national 
cooperation arose. 
Foreign Trade Ward, Wilbert. Amer- 
ican Commercial Credits. 1922. 

Picture ma b tterrarf e nro e J^." e8Sion i- ( Jac . ki =Coogan consults his banker. Judging from the upper 
?iS^.-^t^ri&™^^»"^ f ?r!K? y ^^AI«?^?- « ^interested parties had * 
no doubt as to the 

I \&J? r - C ° OSan ' ^f ckie and Presi dent Giannini. The lower photograph 1, 
thin J £»♦*%? tC £T- " VOU are L a little bit short— we don't mean short of c* 
thing better to help you up in the world than the knee of a bank president. 



cash — 

[MARCH, 1923] 

Bankitaly Life 



Published by and for the Officers and 
Employees of the 

Bank of Italy 

F.R. Herman, Associate Editor 

Jan Francisco, Cal. 
MARCH, 1923 


Editorial Notes 

It will doubtless be 
a surprise to some of 
our readers to know 
that the first house 
organ published in 
America was Poor 
Richard's Almanac, 
edited by Benjamin 
Franklin and intend- 
ed to advertise his 
print shop. Frank- 
lin's publication is 
now regarded as a classic, particularly 
because of his consistent advocacy of 
thrift. He maintained that this was an 
acquired habit and not a natural in- 
stinct, in which most of us will fully 
agree, for "Thrift" involves self-denial. 
It is something that works for today 
and also provides for tomorrow. 

In a forceful address once delivered 
to an audience of college students, the 
speaker insisted they should keep in 
mind that they will eventually "shake 
into the places they fit." When in those 
places, he maintained that if you want 
to hold your place, you must continue 
growing in order to keep it tightly 
filled. If you want to fill a greater 
place, you must grow more, so that 
you cannot be kept down. Then you 
will not have to ask for promotion, for 
you will simply compel it. If you grow 
greater, enlarge your dimensions, de- 
velop new capabilities and do more 
than you are paid to do, in other words 
overfill your place, you very naturally 
"shake up" to a further place. 

The opening of our new Southern 
California Headquarters, referred to in 
this issue, marks another epoch in the 
history of our bank which made its 
initial "bow" in Los Angeles, on May 
I, 1913, at which time it absorbed the 
Park Bank of that city. Ten years 
have passed since our quiet but mo- 
mentous entrance into that most pro- 
gressive community of Southern Cali- 

fornia and it was only nine years before 
(in 1904) that the Bank of Italy under 
the leadership of its founder, A. P. 
Giannini, opened its doors for the first 
time, in the city of San Francisco. Our 
institution therefore is but 1 9 years 
old, about the age when men and 
women are at the threshold of their 
careers, yet this young bank has al- 
ready achieved in a way that has 
caused bankers and financiers through- 
out the world to marvel at its unpar- 
alleled growth, combined with which is 
admiration for the substantial and en- 
during nature of its progress. 


California is a constant challenge to 
the imagination and to the creative 
impulse of man. A country of count- 
less scenic marvels, one thinks of it 
with a kind of awe, as of a thing seen 
yet too extraordinary to be wholly be- 
lieved in. Hence the difficulty of con- 
veying by means of the written word 
any sense of these wonders. If Cali- 
fornia seems legendary to her own 
sons, what must she seem to the distant 

From the standpoint of material pro- 
ductivity, California is equally amazing. 
The country is teeming with life. Sun 
and soil cry a perpetual invitation to 
man to join with them in creative part- 
nership. And as yet this invitation has 
been very inadequately responded to. 
In spite of the half-billion dollars' 
worth of fruit and grain and vegetables 
that California produced in 1921, the 
potentiality of luxuriant nature still 
dwarfs the puny enterprise of man. 
The census of 1920 lists California's 
population as approximately three and 
a half millions. There is room, ample 
room in California for thirty millions. 

Not only room, but need. California 
cannot fulfill her manifest potentialities 
until many new millions have been 
added to her present population. The 
hard-sledding pioneer phase is past. 
There remains the task of building, in 
this garden of the West, a proud and 
rich civilization which will be in some 
measure an answer to the opulent chal- 
lenge of nature. Life today in Califor- 
nia is on the whole freer, richer, hap- 
pier in all probability than it is any- 
where else in the world. — Califor- 
nians Inc. 



Bank italy Life 


Mario Giannini 

Head Office News 

Mario Giannini, As- 
sistant to our Presi- 
dent, who went to 
Rome as a delegate 
to the International 
Convention of all of 
the Chambers of 
Commerce through- 
out the world, has 
been making a tour 
of the various 
branches of our affil- 
iation, the Banca 
d' America e d'ltalia. 
These are situated in the following 
cities of Italy: Rome, Genoa, Naples, 
Bari, Bologna, Milan, Pozzuoli and Pa- 
lermo. Mario has been accompanied 
on this trip by A. Chiappari, Assistant 
Cashier, known to all of his associates 
as "Cap." These young gentlemen ex- 
pect to return to California in June. 

A bright little messenger from our 
mezzanine was showing a "new" boy 
through our building. Upon arriving 
at the second floor, P. C. Hale, Vice- 
President, was seen talking to A. W. 
Hendrick, Vice-President California 
Joint Stock Land Bank. "Who are 
those two officials?" said the new 
comer. "Those are the Hale Brothers," 
said the seasoned messenger. 

The various activities of the bank 
that have found lodgment on our fifth 
floor, making it one of the liveliest 
portions of our new head office, recall 
a common remark about this space, 
when the new building opened for busi- 
ness on June 30, 1921. It was said 
then that this floor was to be held in 
reserve for "possible expansion." 

When Herman A. Nater, assistant 
vice-president, visited Goat Island a 
few weeks ago in the interest of "In- 
dustrial Savings," he was told of the 
pranks frequently played on raw re- 
cruits. While Herman was there an 
unsophisticated sailor lad from Streator, 
Illinois (Herman's home town) tried 
in vain to obtain a "key to the parade 
grounds." Another boy, a former 
neighbor of our Charlie Smith in 
Livermore, was sent in quest of a quart 
of "white lamp black." Well, the above 
incidents show that when boys leave 
Streator and Livermore they are at 
least innocent, a tribute to the solid 

worth of those two splendid com- 

We shall be pleased to submit, in 
next issue, a picture of the officers and 
employees of our women's banking de- 
partment, seventeen in all. This unique 
departmental innovation in the history 
of American banking has been a most 
remarkable success, a fact attested by 
total deposits in that department of 
over two million dollars in less than 
two years of operation, and nine thou- 
sand clients. 

In one of the rural schools in which 
our school savings system is estab- 
lished, a teacher deals with unruly 
boys by "fining" them according to the 
gravity of their offenses. "Whispering 
in line" is serious enough to justify a 
fine of ten cents; "tardiness," fifteen 
cents; "smoking about school prem- 
ises," twenty-five cents; "swearing," 
first time forty cents and second time 
half a dollar. All these "fines," when 
paid, are entered in the boys' savings 
pass books as deposits, another proof 
that "Good sometimes comes out of 
evil." The teacher wants it under- 
stood, however, that the boys with the 
largest bank accounts are not neces- 
sarily the "biggest cut-ups." A ques- 
tion has arisen in this connection as to 
fines for girls. Of course they are not 
fined, for who ever heard of a young 
lady misbehaving in any way? And as 
for girls swearing or smoking! Perish 
the thought. 

The references in this issue to sev- 
eral interesting incidents at the open- 
ing of our new Southern California 
Headquarters will recall to hundreds 
in our organization the stirring events 
of June, 1921, when our new head 
office in San Francisco was opened for 
inspection. At that time 63,948 people 
passed through our building during the 
public reception, while we are in- 
formed, by our Los Angeles corre- 
spondent, that 90,457 visitors inspected 
the new headquarters of our bank in 
that great city, whose growth has been 
without a parallel in the history of 

Staff brevities: — When George E. 
Gallagher, assistant vice-president, 
heard that an elevator boy named 
"Amen" had been engaged . by our 
bank, he said, "Well, that's the last 

•word in elevator service." In 

answering an inquiry as to the state of 
his health, Joseph Turner, in charge of 
our new account desk, said he was 

19 2 3] 

Bankitaly Life 


suffering from a "submerged com- 
plex," meaning that he was not quite 
himself. Students of local geog- 
raphy, all of whom know that Mt. 
Whitney is California's highest peak, 
having an altitude of about 1 5,000 feet, 
will be interested in a telegram that 
Frank F. Risso, assistant vice-president, 
received recently, that had reference 
to a bond issue and which read, "Sold 

Mount Whitney, ship at once." 

When Romeo Moretti asked an uniden- 
tified visitor from Centerville to get an 
officer's O. K. on a check that he de- 
sired to cash, the Center-"villain" said 
he was not yet acquainted with any of 
our local police officers. He, however, 
admitted that he knew all the traffic 
cops in Alameda County and through 
the courtesy of one of them he had, at 
one time, been introduced to Judge 
Mattos, our vice-president. 

The medical head of a big transpor- 
tation company was telling us that: — 
No one can have health who 

eats too much. 

No one can have health who 

eats too often. 

No one can have health who 

eats when tired, hurried, worried, 

anxious or excited. 

No one can have health who 

rises late, gulps down a hearty 

breakfast, swallows a sandwich 

and a glass of milk for lunch and 

tops off the whole performance 

with a late dinner. 

Signor McQuiston, special publicity 
man for the baseball fans at the head 
office, reports a recent game between 
Cronan's Cripples and the "Active 
Auditors." Mac says the game was the 
outcome of preposterous claims on the 
part of Joe Cronan that was finally 
settled by the "active" nine registering 
1 1 runs as against 3 by the "incur- 

Merced Branch 

The children attending rural schools 
throughout Merced County recently 
staged a beautiful pageant in our city, 
heralding the approach of spring, 

That soft season, when descending 

Call forth greens, and wake the 
rising flowers. 

Our community now observes "dol- 
lar day" and hundreds took advantage 
this year of the bargains offered. Some 
of the "wiser" ones brought their dol- 

lars to our savings department, where 
this money will double in 1 7 years at 
4% interest, compounded semi-annu- 

George Washington, formerly head 
porter at our old Market Street branch 
in San Francisco, is now occupying a 
similar position at this office. George 
likes Merced, for it reminds him of his 
dear old sunny South. 

Robert H. Mowbray, dean of staff, 
Liberty Bank in San Francisco, once 
told us a story about our George Wash- 
ington that perhaps some of our read- 
ers may not have heard. No! it is not 
about a cherry tree, but of a diamond 
that George once owned. Upon being 
asked if it was a real diamond, George 
said, "If it isn't, I've been done out of 
a dollar." 

Kenneth Stoddard, of our transit de- 
partment, has accepted a position with 
the Merced Irrigation District and has 
been superseded by Frank Kennedy of 
our accounting staff, while Perry Mc- 
Pherron of Turlock has succeeded 
Frank. Our best wishes to all of these 
boys in their new places. 

Emmet Cunningham, our manager, 
was in an automobile accident a few 
weeks ago, while en route from Mo- 
desto, but escaped without serious 
injury. His Ford coupe, however, Was 
wrecked and the "wrecker" bought 
our manager a brand new machine, 
thereby proving himself a "wreckular" 

Yes, there is romance in business. If 
you haven't heard H. A. Nater, assist- 
ant vice-president, head office, give his 
talk on this subject, you may question 
the statement. If you have heard him, 
you know it's true. But whether you 
have or whether you haven't, the fol- 
lowing excerpt from one of the recent 
head office circulars shows that at least 
all business is not dull, drab fact, and 
that occasionally romance slips in be- 
tween the lines: 

"The authority of Miss J. Oneto 
to sign as assistant cashier, Merced 
branch, bank of Italy, will cease 
May 7, 1923." 

"The appointment of D. J. 
Hartsough as assistant cashier, 
Merced branch, will become effect- 
ive May 7, 1923." 

The romance in this announcement 
lies in the fact that on May 7 Miss 
Josephine Oneto will become Mrs. D. 
J. Hartsough. 


Bankitaly Life 


Tracy Branch 

Lathrop J o s i a h 
Tracy, after whom 
our city of Tracy was 
named, was a direct 
descendant of Lieut. 
Thomas Tracy, one 
of the original pro- 
prietors of Norwich, 
Connecticut, in 1660. 
Mr. Tracy was born 
in Painesville, Ohio, 
on May 26th, 1925, 

Lathrop J. f nd in tv t° years 

Y hence we hope our 

y community will cele- 

brate, in a fitting manner, the 1 00th 
anniversary of the birth of its 

Mr. Tracy, during his most active 
and successful career, was at one time 
a director of the Sandusky, Mansfield 
& Newark Railroad, now a part of the 
Baltimore & Ohio system. In his capac- 
ity as a member of the governing board 
of the railroad company, a close friend- 
ship developed between himself and J. 
H. Stewart, superintendent of the road. 
When Mr. Stewart moved to California 
and became very prominently identified 
with construction work on the Southern 
Pacific Railroad, he caused two new 
stations to be named after his dear old 
friend, one Lathrop and the other 

The origin of these names of two 
California communities has been more 
or less shrouded in mystery. Many 
people have supposed that Lathrop 
acquired its name from Mrs. Leland 
Stanford, whose maiden name was 
Lathrop. This honor, however, belongs 
to Mr. Tracy, a son of Ohio and a con- 
temporary of former President McKin- 
ley, who, like the subject of this sketch, 
also led an upright life that was marked 
by kindness, charity and courtesy to 
all who came within the beneficent 
influence of his gentle nature. Mr. 
Tracy passed away on September 24, 
1897, and is survived by two sons and 
a daughter: Frederick K. Tracy of 
Scranton, Pennsylvania; Rufus A. Tracy 
of Mansfield, Ohio; Mrs. Mary T. Roe 
of Athens, Ohio. 

San Diego Branch 

Our bank premises are about to be 
renovated and enlarged. The history 
of similar movements in other branches 
indicates that these improvements are 
but preliminary to a new bank building 
worthy of the splendid city in which 
we function. When our new home is 
designed, may it be in keeping with the 
bank's new Southern California head- 
quarters in our sister city of Los 

Since the recent visit of Mr. Nater, 
assistant vice-president, in the interest 
of our local industrial savings depart- 
ment, our industrial deposits have in- 
creased $1500. This is a most satisfac- 
tory showing and San Diego is proud 
to contribute to the success of such an 
important economy. 

The transfer of Olaf Austad, our 
assistant cashier, to the Broadway 
branch in Los Angeles as assistant 
manager, was a source of sincere 
regret to us and to our clients, for Olaf 
has served us faithfully for fifteen years. 
We know he will "measure up" to the 
highest expectations of Manager Erkes 
and his associates at Broadway and 
Seventh, in Los Angeles. 

When H. E. Anthony, our manager, 
attended the last Philharmonic Concert 
in San Diego, it is said that he emerged 
therefrom thoroughly refreshed, for he 
slept sweetly and peacefully through- 
out the entire performance. No better 
tribute could be paid to the beautiful, 
soothing symphonies of the orchestra 
than Bert's undisturbed slumber. 

Our baseball team has started train- 
ing for such contests as may be forth- 
coming with local banks and branches 
of our system. As San Diego is but 
five hours from San Francisco — by 
aeroplane, we should be able to arrange 
week-end games with the head office 
nine, the losers to pay aerial transpor- 
tation charges. Oh yes, you fellows up 
north may smile, but we predict that 
in another five years the Bank of Italy 
will operate its own airplanes between 
its branches under the supervision of 
the bank's transit department, just as 
it now operates a "flock" of motor- 
cycles in San Francisco. You wait 
and see. 

"Do you think a woman should tell 
everything she knows?" 

"Yes, but that's all."— Life. 

One of our magazine culinary ex- 
perts says rolls contribute to domestic 
felicity. This is especially true of bank 

Bankitaly Life 


Live Oak Branch 

Our city will celebrate its semi-cen- 
tennial next year and in this connec- 
tion a few words about our origin will 
be of interest to those who have 
watched us develop from a "railroad 

In 1870 the Oregon Railroad inau- 
gurated a service through what is now 
known as Live Oak, and a conference 
was called shortly thereafter by C. H. 
Metteer, for the purpose of asking the 
railroad company for a "station." This 
meeting was attended by H. Luther, A. 
M. McGrew, Wm. Manuel, C. H. Met- 

In the spring of 1874 these enter- 
prising citizens with the assistance of 
Jesse Goodwin, railroad attorney, and 
General Ord, succeeded in obtaining a 
"station" from the transportation com- 
pany in return for six acres of land and 
an agrement to grade a site for the 
railroad yard. The future city was then 
named "Live Oak" by the railroad 
company, because of the adjacent vast 
forests of live oak timber. 

Live Oak's first merchant was H. L. 
Gregory and our first blacksmith was 
Henry Egeberg. This city has grown 
steadily during its 49 years of existence 
and its present importance may well be 
epitomized in this simple statement: 
We have within our corporate limits a 
branch of the largest bank in western 

Bay View Branch 

As this is the youngest branch in the 
Bank of Italy system, it is called the 
"infant," and while this term may be 
appropriate, it would be even more so 
if our branch was referred to as the 
"infant prodigy." 

Manager A. Armanino, formerly of 
the Market-Geary branch, is our local 
chief and, being a resident of this dis- 
trict, he calls, familiarly, every cus- 
tomer by name. Our manager's ac- 
quaintance, however, is not confined 
to this part of San Francisco or of the 
world, for he has been in France as an 
A. E. F., where he distinguished him- 
self in various ways, once by bringing 
$500,000 in gold from Paris to the 
King of Italy in Rome. This journey 
was taken during the world war and 
"Armie" had some thrilling experi- 
ences en route, but they did not "faze" 
our manager in his capacity as an in- 
ternational bank courier. 

Telegraph Avenue Branch 

Our new building is nearing comple- 
tion and a reception to our neighbors is 
being planned for opening day. 

The local "Community Chest" drive 
is going strong. The committee in 
charge hopes to raise one half a million 
dollars to be distributed to 43 East Bay 

Our Idora Park is to Oakland what 
Golden Gate Park is to San Francisco, 
and we commend to our San Francisco 
bank associates an inspection of Oak- 
land's big playground if ever in doubt 
as to "where to go." You won't be 

The Pine Tree Milking Machine 
Company of Chicago has established a 
branch office near us. All up-to-date 
dairymen throughout the West are now 
using the sanitary contrivance manu- 
factured by this company. Some in- 
credulous farmers used to say that 
cows couldn't be milked except in the 
"old fashioned" way, but the Pine Tree 
people are showing them their mistake, 
and this reminds us that "once upon a 
time" a great railroad president laughed 
at the idea of stopping a train by air 
brakes, or "wind," as he expressed it, 
but later he paid millions of dollars to 
have this device installed on his rolling 

The carmen of the Key Route Sys- 
tem recently passed a resolution of 
appreciation for courtesies extended 
them by our branch, in connection with 
the cashing of their weekly pay checks. 

Gilroy Branch 

Henry Hecker, chairman of our ad- 
visory board, who shares with L. Sca- 
tena, chairman of the bank's board of 
directors, the unique title of "Boss," 
has been recuperating at Gilroy Hot 
Springs, following a protracted illness. 

Mr. Hecker, like Mr. Scatena, came 
to California as a boy and the careers 
of these two good men are intertwined 
with the early history of our great 
state, for Henry Hecker saw Gilroy 
grow from a tiny village to a flourish- 
ing community, while Lawrence Sca- 
tena watched San Francisco emerge 
from a "good size town" to one of the 
greatest cities in the world. 

C. B. Lansdown, our chief clerk, 
who has been transferred to the Santa 
Clara branch, has been succeeded by 
E. J. Fabbri, formerly of the auditing 
department, head office. 


Bankitaly L i f 


Columbus Avenue Branch Montgomery Street Branch 

John H. Skinner, vice-president, had 
a birthday recently, and his desk was 
beautifully decorated for the occasion. 
Several weeks ago Jack presided at a 
staff dinner during which there was not 
a dull moment. 

Angelo J. Ferroggiaro, vice-presi- 
dent, will represent our bank at the 
next convention of the California 
Bankers Association. It is thirty-two 
years since the first convention of the 
C. B. A. was held, at which Thomasi S. 
Hawkins, our vice-president at Hollis- 
ter, was present. "Uncle Tom" has 
missed only two or three annual ses- 
sions of the association. 

Our sympathy has been tendered to 
John Dumbrell, because of the demise 
of his sister; to Mel Simpson, whose 
father passed away; and to A. Rossi, on 
account of the loss of his son, who died 
in Italy. 

Personal brevities: — Captain U. Oli- 
vieri has been elected president of the 

Artichoke Growers Association. B. 

S. Fong has returned from China after 

a most interesting trip. Lillian Sli- 

ger wears a diamond ring, and the 
happy fellow's name is Charles. Lillian 
calls him Charlie and he calls her 
Ashley Gould has gone to Wash- 
ington, D. C, and on his return will be 
affiliated with our Broadway branch in 
Los Angeles. Ernest Carli's wed- 
ding bells will soon be ringin'. Lucky 
Ernest. Vic Caglieri, assistant vice- 
president, and Charlie Arata were seen 
on the Presidio golf links one morning 
before breakfast. 

John Dumbrell, our assistant cashier 
and treasurer of the B. P. O. E., has 
succeeded in having several Bank of 
Italy boys join San Francisco Lodge of 
Elks. Among the recent initiates are 
Frank Risso, assistant vice!-president; 
A. Chiappari, assistant cashier; F. R. 
Kiser, chief clerk; J. Novo, assistant 
chief clerk; H. Parks, assistant secre- 
tary, Stockholders Auxiliary Corpora- 
tion; J. H. B. Perlite, assistant cashier. 
As a result there are now so many 
"Bills'* around our branch that at times 
it is positively confusing for us to dif- 
ferentiate. Fancy Kiser, Novo, Parks 
and Perlite cheerily answering to the 
name of "Bill," but they do: 

Athletic brevities: — Our ball team, 
with Harry Moore pitching, recently 
defeated the M. J. B. Coffee nine at 
Southside. Sam Campi umpired in his 
usual able manner. Score 6 to 4 our 

The above is not a sketch of Chris- 
topher Columbus, after whom our ave- 
nue has been named, but of Peter Lau- 
renzi, our assistant cashier. It was 
taken at the end of a recent "perfect 
day" on which everything went par- 
ticularly fine with Pete, so he lit a 
cigar and gazed complacently on the 
outside world while Frank Latini, our 
co-worker and clever cartoonist, 
sketched his associate. 

Frank's next character sketch will 
probably be one of James Raggio, our 
manager. This will likely be drawn on 
the day we pass one million dollars in 
deposits, provided Jim will only keep 
quiet long enough for our artist to 
delineate his classic countenance. 

When Tony Devencenzi, our special 
officer, started home several days ago 
with a demijohn under his arm, he was 
apprehended by a prohibition agent, 
who of course released poor Tony when 
he discovered the contents of his "jug" 
to be vinegar. Verily, "all that glitters 
is not gold." 

Mary Caradonna was right when she 
used to say that one way to improve 
strawberry shortcake is to omit the 

19 23] 

Bankitaly Life 


favor. Paul Morena, pitcher of 

Burn's Colts, may be one of Gamboni's 

twirlers this season. Frank Taran- 

tino of the S. A. C. is a crack tennis 
player, and holds the junior champion- 
ship of the S. F. playgrounds and 

schools. Bobbie Burns of the S. A. 

C. is getting in condition by vigorous 
exercise on the outside which includes 
jaunts to Parente's villa at El Verano. 
He supplements this by juggling boxes 
in our supply room. Wonder what 
Bobbie is training for? 

Miss E. Baldocchi, pianist; Miss Mary 
Caradonna, vocalist; and A. V. Novo 
constituted a talented trio that went to 
Healdsburg recently to participate in 
an entertainment given under the aus- 
pices of Meiler Institute. F. Pagano 
also accompanied the party, and as- 
sisted the orchestra at the social fol- 
lowing the musical program. 

In a very interesting history just 
published of charitable work performed 
in the North Beach District of San 
Francisco during the past 50 years, 
John Perlite, our assistant cashier, and 
Dr. C. R. Bricca, brother of T. J. 
Bricca, our assistant trust attorney, are 
given special mention. These two 
young men were particularly active 
during the reconstruction period in San 
Francisco, following the great fire 
of 1906. 

Madera Branch 

Every indication points to unusual 
prosperity for Madera this year. Farm- 
ers smile as they tell of the 2 Yz inches 
of rain that fell at an opportune time 
this spring, thereby absolutely insuring 
the best grain crop in many years. 

Our orchardists and vineyardists are 
just as jubilant as the growers of 
cereals. Over 250,000 tons of raisins 
will be dried this fall and the danger of 
frost having passed, all other fruits 
will also be marketed in great abun- 

Local Improvements: Homes are 
being erected in all parts of this city; 
our new fireproof post office, 50x150, 
is completed; an extensive sewer sys- 
tem is being installed; nearly $100,000 
is being spent in street paving. 

Madera responded nobly in the 
"Raisin Association drive" because 
raisin cultivation stands "pre-eminent" 
in our county's activities. 

The formation of our big Irrigation 
District, that contemplates providing 

water for 800,000 acres, is progressing 
rapidly and it is expected that actual 
work on it will commence during the 
present year. As a direct result of the 
installation of this great water system 
we predict that Madera County will yet 
be recognized as a leader in our coun- 
try's economic program. 

Frank Oneto was married to Miss 
Bruce of Fresno several weeks ago and 
we have congratulated our associate 
upon his very excellent selection of a 
life partner. 

Paul Alvarado of Fresno is now oper- 
ating a "Burroughs" in our bookkeep- 
ing department, while Miss Mae Reid 
of Hayward is proving herself quite an 
adept in the manipulation of a type- 
writer in our stenographic section. 

Park-Presidio Branch 

In the recent untimely demise of 
James C. Hayburn, our bank lost a 
very good friend, and we surely regret 
his passing. Jim was highly regarded 
by the members of our official staff in 
San Francisco, all of whom knew him 
intimately. His little children, four in 
number, were the first depositors at 
this branch, and their pictures were 
taken in our lobby on opening day, 
June 10, 1922. 

Lloyd J. Kemp, from the head office, 
has succeeded Charles D. Freeman, who 
has returned to his home in Iowa. This 
is the first time in recorded history that 
a Middle Westerner, living in Califor- 
nia, has returned to the "land of his 

birth." Later: We have heard that 

Charles is coming back to San Fran- 

Building in this district continues 
very active. Fourteen new stores are 
now under construction on our street, 
a record in this regard. The residence 
portion of this section also shows 
marked activity in real estate transac- 
tions, and as a result Clarence P. 
Cuneo, assistant secretary and apprais- 
er, spends much of his valuable time 

Our associate S. J. Tosi, banker and 
jurist, sometimes known as "Judge" 
because of his erudition in the law, has 
a machine which he calls an auto, but 
we must confess it doesn't resemble 
one. It looks more like a cross between 
a rowboat and a Santa Fe locomotive. 
But it gets Judge Tosi to work O. K., 
and "he should worry" about what 
people say. 

page twenty-four Bankitaly Life 


Los Angeles, Broadway 

We opened for 
business on March 
26, with an abun- 
dance of choicest 
flowers adorning our 
lobby. Every one of 
these posies, it was 
said, represented a 
good wish, so we 
were inexpressibly 
happy on our birth- 

For a week prior 
to opening day our 
branch was in the 
hands of skillful decorators, who surely 
transformed our premises into a thing 
of beauty" and made it an ornament 
to the busy corner on which we func- 

Our executive staff includes Herman 
R. Erkes, manager; H. J. Pye, assistant 
manager; O. Austad, assistant man- 
ager; W. J. Flynn, chief clerk. Mr. 
Erkes was former comptroller; Mr. Pye 
and Mr. Flynn are from our Los An- 
geles headquarters, while Mr. Austad 
comes to us from our San Diego branch, 
where he was assistant cashier. 

i i 

Herman Erkes, 

Salinas, First National Bank 

In anticipation of the time when our 
bank will be known as the Salinas 
branch, we want to introduce our com- 
munity to the Bank of Italy organiza- 
tion as a "going concern." As evidence 
of our ability to qualify in this regard, 
many members of the Bank of Italy 
staff will doubtless be surprised to learn 
that we have in our midst the largest 
beet-sugar factory in the world, with a 
capacity of 5,000 tons daily. 

No less interesting is the fact that 
we have also the largest strawberry 
farm on earth, alongside of which is 
California's greatest goat-milk con- 
densery. Strawberries and cream! 

If any further proof is wanted as to 
the productiveness of our soil, we 
would like to direct attention to our 
Chevalier barley, the finest grown; our 
summer lettuce, better even than the 
Los Angeles brand; our Salinas Bur- 
bank potatoes, Luther Burbank's pre- 
mier creation; artichokes that have 

actually made Half Moon Bay and Pes- 
cadero envious. 

There is nothing, however, that Sali- 
nas is prouder of than its children, for 
whom we have erected a new half mil- 
lion dollar school, a veritable "junior 
university." Here boys and girls get 
an intensive training in the funda- 
mentals. They are also given courses 
in manual training and domestic econ- 
omy, all of which helps to insure their 
usefulness as citizens. 

Salinas is the home of the now fa- 
mous California Rodeo, where the 
"bull is ridden" not "thrown," so 
when we say that Salinas is destined to 
shine among the branches of the Bank 
of Italy, we are merely giving honest 
expression to a feeling that has 
gripped us. 

Mission Branch 

Our total deposits have passed two 
million dollars. 

Edward J. Mullin, assistant cashier, 
has been transferred to our Sunset 
branch, as acting manager, succeeding 
Clarence W. Bell, asst. vice-president, 
who has been assigned to our Polk- 
Van Ness branch. Mission branch is 
100% behind Ed Mullin in wishing him 
every success in his new station. 

Thomas McQuaide, of the head office 
staff, has joined our force as a receiving 
and paying teller and with our Phil 
Kennedy he maintains that he would 
"rather be a lamp post in the Mission 
than a tower of jewels down town." 

Manager Will Newsom and Joseph 
Bonzani, his "right hand" man, are also 
so enthusiastic about the Mission Dis- 
trict that they are sure many Middle 
Westerners would settle in the Mission 
"warm belt" rather than in Los Ange- 
les, if they only knew about our balmy 
climate. Well, Bill and Joe are going 
to see that the M W's know about it 
hereafter, for the Mission has "hidden 
its light under a bushel" too long. 

We suppose that Clarence William 
Bell, assistant vice-president at the 
Polk-Van Ness branch, is going to 
assume all the executive obligations of 
that unit of our banking systehi, so We 
want to tell him, right now, that he 
owes this branch a dinner and that 
"chocolate and lady fingers" won't 
satisfy us. We insist on a regular din- 
ner from "soup to nuts." 

9 2 3] 

Bankitaly Life 


Oakland Branch 

We now have ninety-three members 
on our staff, 1 8 of whom are young 
ladies, all charming, and 75 young men, 
all gentlemen. 

The growth of our branch is mani- 
fest not only from the ever increasing 
number of our employees, but also 
because we have found it necessary to 
acquire the second and third floors of 
our building, where the trust, bond, and 
new business departments now func- 
tion, also the central file. Our advisory 
board assembly room has likewise been 
transplanted from the mezzanine to an 
upper floor. 

Oakland being generally recognized 
as the "Athens of the Pacific," it is 
natural for those living within its bor- 
ders to imbibe a love for study. It 
should not, therefore, be a matter of 
surprise for our co-workers throughout 
California to learn that we have a staff 
meeting every Tuesday from 7:30 to 
9:00 p. m., where up-to-date banking 
topics are discussed and studied in a 
systematic manner. 

Supplementing the above mentioned 
activity is a "staff question" assem- 
blage every other Thursday evening at 
the Hotel Oakland. Here all queries 
emanate from members of the staff 
present and the interest shown is keen. 
It is easy to see from what we are 
doing in an intellectual way that we 
are "building" real bankers, besides in- 
creasing our prestige among the bank- 
ing public. 

You may have noticed recently that 
we have not stressed our athletic pro- 
gram. But, in the vernacular of B. F. 
Lane, manager of our baseball nine, 
"It's a long lane that has no tomato 
cans in it," and the turning point may 
yet appear. Therefore, Lane smiles as 
he hopes and quotes, 

Tis easy enough to be pleasant, 
when life flows along like a 

But the man worth while is the 
man with a smile, when 
everything goes dead wrong." 

Robles', and prunes, yes, dear reader, 
prunes that are as fine as Santa Clara 
ever turned out. 

The California Retail Fuel Dealers' 
Association held its tenth annual con- 
vention this year in Chico, at which all 
the western states were represented. 
E. T. Williamson, our assistant vice- 
president, delivered an address of wel- 
come to the assembled delegates. 

Chico has the third largest munici- 
pally owned park in the United States, 
for our playground, the gift of General 
John Bidwell, has 2400 acres and is the 
recreational center of the Sacramento 
Valley. Our San Francisco associates 
will doubtless be surprised to learn that 
Bidwell Park is twice as large as their 
Golden Gate Park. Chico Creek runs 
through Chico's pleasure grounds for 
a distance of twelve miles. 

Chico Branch brevities: — E. T. Wil- 
liamson, assistant vice-president, looks 
forward to an inter-branch golf contest 
some day when the advantages of living 
in the Sacramento Valley will be made 
manifest by the skill of our local golf- 
ers. W. J. O'Connor is on an ex- 
tended tour of the eastern states and 

of Cuba. P. D. Bartlett, chief clerk, 

has an important program arranged 
for his vacation in July that will include 
a voyage on the "matrimonial sea." 

Seven out of eighteen members of 

our staff wear a President's gold service 
button, a distinction of which Chico 
branch is proud. 

Chico Branch 

Ours is the most northerly branch of 
the Bank of Italy. We are not in the 
frozen north, however, for our soil 
produces peaches that vie with Modes- 
to's, almonds that compare with Paso 

Hollister Branch 

Thomas S. Hawkins, vice-president, 
is with us again after an indisposition 
of a few weeks, during which he was 
confined in the hospital. This reference 
to the illness of our friend reminds us 
that Mr. Hawkins was once ambitious 
to be a physician and applied himself 
so assiduously ro chemistry, materia 
medica, anatomy and physiology in the 
early "fifties" that he undermined his 
health. He therefore abandoned the 
study of medicine, on the advice of his 
doctor, and shortly afterwards engaged 
in merchandising near St. Louis. 

Our apricot yield will be the best in 
years. The trees are so heavily laden 
that help is being "imported" from the 
San Joaquin Valley to assist in "thin- 
ning out" the cots on the over-bur- 
dened trees. 


Bankitaly Life 
Woodland Branch 


We are submitting picture of our building that we admit is not in the 
same architectural class as our head office in San Francisco or even of 
our Southern California Headquarters at Seventh and Olive Streets in 
Los Angeles, but we contend it is "pretty fine" for Woodland. 

J. D. Harling, manager of our branch, has been elected president of 
"group one," California Bankers Association. This is the largest sec- 
tion of the association and includes all counties from Napa north. We 
have been promised a picture of Mr. Harling, our honored colleague, 
and hope to send it to the Editor at an early date to be reproduced in 
our bank's house organ. Then our associates may learn to differen- 
tiate between President Harding of the U. S. A. and President Harling 
of the C. B. A. (Group 1 ), otherwise the similarity in names of the 
two presidents may cause some confusion, possibly embarrassment. 

9 2 3] 

Ban kit a I y Life PAGE twenty-seven 

Vacaville Branch 

Baby" Branch admitted into the "Union" January 27, 1923 

San Mateo Branch 

A "Pioneer" of the Bank of Italy Branch Banking System, admitted Dec. 31, 1912 


Bank Italy Life 


Naples, Banca d' America e d'ltalia 


fftBmA TV " im "**■- ==^'^» 

I fes f£l #J^ lc* 

m wlJ 

Vflv 1 

W i\ fit 11 1 IB 


Standing, left to right: Messrs. Carisi, De Siena, Casella, Russi Ruggi, Marinello, 

Leboffe, D'Alessio, Noya, Carino, Pisco. 

Seated, left to right: Messrs. Gigante, Pasi, Nascia, Romizi. 

Our bank was founded in 1 9 1 8 by a few courageous Neapolitans having in 
mind the economic and industrial development of this part of Italy, hence our 
original name, Banca dell'Italia Meridionale. 

In 1919, through the cooperation of A. P. Giannini with other very able 
American financiers, our bank was placed in a position to achieve in a big way. 
That it has actually achieved is evident from the increase of our capital from 
Lit. 3,000,000 to Lit. 100,000,000. Incidentlly we have grown from a regional 
to a national bank with eight branches throughout Italy and such strong affilia- 
tions in the United States that our name has been changed to Banca d'America 
e d'ltalia. 

Our branch in Naples is the oldest in our banking system. It seems destined 
to play an important part in the activities of the Banca d'America e d'ltalia, 
because of the pre-eminence of the port of Naples in the world of commerce. 

Nowhere are fisherfolk more picturesque in habit and costume; nowhere is 
there so salty a dialect, spiced with such myriad quaint and startling phrases 
and exclamations, as in Naples. Bare and brown of leg, dressed in parti-colored 
motley, a stout canvas band about each sinewy body for hauling in the net without 
cutting the hands to pieces, they bring ashore their shimmering silver quarry 

right along the widest, finest promenade in the city the handsome Via Car- 


Across that broad street the charming Villa Nazionale, not a house, but a 
public park, wholly conventional in design, contains an aquarium which may 
fairly be considered the most remarkable in the world for both the variety and 
interest of its finny and monstrous exhibits and the thoroughness of its scientific 
work. To it many of the great universities of the world contribute annually for 
the privilege of sending special investigators in zoology. 

I 9 2 3 J 

Bankitaly Life page twenty-nine 

Sunset Branch 

Of the 6 7 branches of the Bank of Italy, none have been written of so elo- 
quently as "The Sunset," as witness the following references to it by some of 
the greatest "publicity men" of all time. 

By Bryant: 

The day is closed the sun is set; 

Well they have done their office, those bright hours, 
The latest of whose train goes softly out 
In the red west. 

By Montgomery: 

'Tis sunset; to the firmament serene, 

The ocean wave reflects a gorgeous scene. 

By Longfellow: 

The day is done; and slowly from the scene 
The stooping sun upgathers his spent shafts, 
And puts them back into his golden quiver. 

By Whittier: 

Touched by a light that hath no name, 
A glory never sung. 
Aloft on sky and mountain wall 
Are God's great pictures hung. 


Bankitaly Life 


The Definition of Money 

Courtesy A. I. B. 

What is money? When we come to 
define the word, we find that usage is 
by no means uniform. It is often con- 
venient to use the popular and more 
general meaning of the term, according 
to which money is anything that passes 
freely from hand to hand, as a medium 
of exchange, and is generally received in 
final discharge of debts. But there is a 
narrower conception based upon the 
functions which money fulfills in the 
modern economy. In the first place, 
we find that money everywhere serves 
as a medium of exchange. This, the first 
function to be developed, is everywhere 
the principal function of all kinds of 
money. Our present civilization would 
be impossible without money as a me- 
dium of exchange. Without such a 
medium, a man with a horse who 
wanted a coat would be obliged to hunt 
for a tailor who wanted a horse, and 
even after finding him, he might be 
unable to effect an exchange, owing to 
the inequality in value of the things to 
be exchanged. In the second place, we 
find that money serves directly and 
immediately as a denominator or namer 
of 'values. In other words, money is the 
"common language of value." The phrase 
"measure of values" is used by many 
economists to characterize this func- 
tion, because they hold that the monev 
commodity must have value in itself, 
and that the value of other commodities 
is found by comparing their value with 
the value of the money commodity. 


Thrift is the spirit of order applied 
to domestic management and organiza- 
tion. Its object is to manage frugally 
the resources of the family, to prevent 
waste, and avoid useless expenditure. 
Thrift is under the influence of reason 
and forethought, and never works by 
chance or by fits. It endeavors to make 
the most and the best of everything. 
It does not save money for saving's 
sake. It makes cheerful sacrifices for 
the present benefit of others; or it sub- 
mits to voluntary privation for some 
future good. — Samuel Smiles. 

That which serves and seeks mere gain 

And follows but for form, 
Will pack, when it begins to rain, 

And leave thee in the storm. 

— King Lear. 

How to Keep Well 

The Light That Does Not Fail 

Speeding towards the earth at the 
stupendous rate of 186,000 miles a 
second, the Sunshine Express makes 
the distance from the great central 
power house of the solar system to the 
earth in about 8 minutes. This Sun- 
shine Express brings rays without which 
we could not live. If there should be a 
strike on that road, the living world 
would quickly disappear. 

Sunlight the Dominant Factor 

Sunlight is truly the dominant factor 
in human affairs. The coal that we are 
becoming apprehensive about as to next 
winter's supply has been well described 
as imprisoned sunlight. Nature, prodi- 
gal in many ways, creating millions of 
organisms that thousands may live, is 
in other ways very thrifty. These beds 
of coal which she laid down millions of 
years ago are merely carbonized vege- 
tation which originally grew through 
the action of sunlight on its green 
coloring matter. The glittering diamond 
that adorns Milady's neck is simply 
another form of carbon, and the flush 
of her cheeks (in the rare instances 
when it is natural) is due to sunlight. 
High Reputation of Sunshine 

Sunshine has always held a high rep- 
utation in health circles, but lately 
more definite reasons for this faith in 
sunlight have been found through the 
study of its action in the prevention 
and cure of rickets, a disease charac- 
terized by faulty bone formation in the 
growing child. Inspired by these 
thoughts, we may say that: 

The light that makes our precious 

Builds up our precious babies' 

It paints the human lily's face 

And puts red blood into the race. 
A Medical Mystery Solved 

Until quite recently rickets was a 
medical mystery. Medical authorities 
differed as to its probable cause; some 
inclined to the belief that it was due to 
faulty hygiene, to poor ventilation, lack 
of exercise and sunshine, and over- 
crowding; others inclined to the belief 
that it was solely due to a dietetic defi- 
ciency, lack of mineral or vitamin con- 
stituent in the food. Recent evidence 
would indicate that these combined 
factors may be at work causing this 
disease. A number of investigators 


B a n k i t a I y Life 


have found that cod liver oil would 
prevent and cure rickets, and this gave 
color to the belief that disease was 
caused solely by a specific food defi- 
ciency. This belief was further 
strengthened by Professor McCollum's 
researches, showing a fourth vitamin 
apparently present in cod liver oil 
which has the power to prevent and 
cure rickets. 

Hygienic Influence of Sunlight 

On the other hand, Drs. Hess, Unger, 
Pappenheimer, Powers and Park, also 
conscious of the value of cod liver oil 
in this way, have made a careful study 
of the influence of sunlight in the pre- 
vention and cure of rickets, and have 
pretty conclusively shown that ade- 
quate exposure to sunlight supplies an 
influence that makes good a deficiency 
of anti-rachitic vitamin. Dr. Hess in 
his Cutter Lecture at the Harvard Med- 
ical School, February 15, 1922, dis- 
cussing this interesting question, called 
attention to the fact that in the course 
of a study of the value of cod liver oil 
in a negro district in New York City it 
was found that the majority of breast- 
fed infants and almost all the bottle-fed 
infants showed clinical signs of rickets. 
He suggests that the pigmentation of 
the skin is an important factor in these 
cases, and that the widespread preva- 
lence of rickets among the negroes, 
and its greater frequency among the 
southern Italian, the Syrian and other 
southern races that are dark-skinned, is 
due to the fact that they are more sus- 
ceptible to the deficiency of sunlight. 
It cannot be denied that dwellers in 
these districts where rickets prevails 
suffer from lack of sunlight, whatever 
may be their dietetic deficiency. It is a 
significant fact that all the children in 
these districts, who are on a similar 
diet, do not develop rickets; and it 
seems entirely reasonable to conclude 
that the supply of sunlight and the 
degree of pigmentation of the skin are 
important factors in developing this 
condition. In combatting these condi- 
tions, therefore, it is wise to see that 
the babies have as much sunlight as 
possible in addition to supplying proper 
diet. Among the negro population it 
would be wise to give cod liver oil as 
a specific preventive. 

Sun Baths Desirable 

If sunlight can exert such a powerful 
influence over the growth of bone and 
can prevent or cure such a serious con- 

dition as rickets, we are justified in 
emphasizing its importance in the pos- 
sible prevention and cure of other 
chronic conditions, such as tubercu- 
losis, faulty nutrition, chronic joint 
changes, and neuritis. It is reasonable 
to conclude that a sun bath can mate- 
rially contribute to the well-being of 
average people who do not suffer from 
any particular complaint. The sun 
bath, like the air bath which we have 
often advocated, should be more gen- 
erally employed as a hygienic measure. 
Common Sense Must be Exercised 
A striking feature of the experi- 
ments on the efficacy of light in rickets 
is the fact that the whole body is bene- 
fited by the exposure of only a portion 
of it to sunlight. In taking sun baths, 
as in taking air baths, common sense 
must be exercised. It is well to protect 
the eyes and the head. Shade the eyes 
from the glare of the sun and its reflec- 
tion from the sand or the surface of 
the water. It is also well not to expose 
the head to the direct rays of the sun 
during the extreme hot weather. The 
monkey, adapted to the heat of the 
tropics, will perish very quickly if ex- 
posed continuously to the direct rays of 
the tropic sun. Bearing these cautions 
in mind, the daily exposure of as much 
as possible of the surface of the body to 
the direct rays of the sun, for as long a 
period as convenient, not of course to 
the point of blistering or extreme sun- 
burn, is a health-giving measure that 
should be more widely employed. The 

first exposures may be brief for a few 

minutes — and then increased to half 
an hour. 

Not a "Cure-all" 
As in the case of all hygienic meas- 
ures, however, this should not be re- 
garded as a "cure-all," and it should 
not deter any person who is ill from 
having a critical search made for such 
important original causes of disease as 
infection, poison or food deficiency. 

Banker Must Do His Share 

"It is those who don't understand, 
those who don't know, those who are 
not educated, who are dangerous, and 
for that reason I feel that the American 
banker must do his share toward bring- 
ing about a greater economic enlight- 
enment in America." — President Pue- 
licher, .LB. A. 



APRIL- 1923 



g^P fr[y~il 




L J_\ ;.:;:- ■.-; 


■- 4 

^ ^ ^ ""^Jr 1|| 

In the "olden" days, before the advent of power boats. 


Former United States Senator presents Grant School, San Francisco, with marble bust of 

General Grant. Party in picture, reading left to right: Fred Dohrmann Jr., President 

Board of Education; Former Senator James D. Phelan, Donor; John H. Dumbrell, 

Assistant Cashier, Bank of Italy; U. S. Grant 3rd, Major United States Army, 

grandson of General U. S. Grant. 




Head Office 

Volume 7 APRIL, 1923 Number 4 


A Land of Romance, Literature and Art 

We have devoted much of the present number of Bankitaly 
Life to the "artistic," the "historic" and to articles, by distin- 
guished Californians, that have reference to early events and 
to other subjects of compelling interest to those who love our 
State. The literary productions herein indicate very clearly 
that California has enriched the world's literature. 

Our men and women of letters have been noted for their 
originality, and in no other part of the country are to be found 
such striking figures as those standing in bold relief against the 
background of California. It was here that the "incomparable 
three" of early California, Bret Harte, Joaquin Miller and Mark 
Twain, served their apprenticeship. 

Of some great litterateurs of California it may be truly said, 
as Professor Charles Mills Gayley once said of our George 
Hamlin Fitch, "they taught that the spiritual life is far more 
important than the material life"; that "spiritual fervor and 
moral force" drive the wheel of progress; that of literature the 
supreme test is "spiritual potency"; that "the spiritual life is 
the greatest thing in the world," and that in it alone we find 
abiding "strength and comfort." 

California possesses numerous artistic and literary shrines 
which, however, are not always easy to locate and frequently 
the searcher is called upon to make a pilgrimage down some 
half-hidden by-path or to go delving into the musty archives of 
the past ; again he may be required, in the pursuit of knowledge 
about artists and writers in California, to make excursions into 
the realms of Bohemia. In any event the investigator is gener- 
ally rewarded for his perseverance by discovering much of 
interest, much that is distinctive. 

april, 1923 t%„„i.:*„i„t:i~ page five 

Bankitaly Life 

And Some Incidental California History 

By Charles Keeler 

In these days of steam and electricity, when 
news is thrilling back and forth over the wire 
nerves of the land, and trains are coursing like 
arterial blood from shore to shore, it is hard to 
realize that in the memorable year of 1776, 
while our own ancestors were making the im- 
mortal declaration which gave birth to the 
American nation, the Spanish Padres, know- 
Charles Keeler m £> nothing of the momentous conflict across 
the land, fraught with such deep meaning both 
for America and Spain, were establishing the humble mission 
of San Francisco for the conversion of a few Indian souls. To 
understand the motives which inspired the little band of zealots 
in wandering thus to the outer rim of the western world, and 
to learn their means of establishing themselves there, a swift 
backward glance is necessary. 

During those far away times when Queen Elizabeth jealously 
watched the doings of the Spanish King Philip, a lonely galleon 
sailed once a year across the waste of the Pacific from the Phil- 
ippine Islands to the Mexican port of Acapulco. It was laden 
with spice and the treasure of the Orient destined for Seville. 
English buccaneers lurked in the bays of the west coast of the 
Americas waiting to plunder the treasure ship, or, failing in 
capturing this prize, to loot the Spanish towns of Central and 
South America. Foremost of these daring Englishmen was 
Francis Drake, who followed up the coast of North America 
and passed what was to be known as San Francisco Harbor 
without discovering it. It was in the year 1579 that he landed 
in the little cove which today bears his name, Drake's Bay, and 
took possession of the territory, calling it New Albion. Before 
a wondering band of Indians he held a religious service, and a 
stone cross has been erected in Golden Gate Park to commem- 
orate this event. 


Even before this time, California had been named and its 
coast superficially inspected by the Spaniards. Cortez and the 
explorers in his service had sailed about the end of Lower Cali- 

{Continued on page 7) 


Rev. Jerome Ricard, "Padre of the Rains," of Santa Clara College, tells the 
members of our Santa Clara Branch how he forecasts weather conditions. 
Standing, left to right: Rev. J. Ricard; Messrs. Parducci; Lansdown; Fatjo, 
manager; Sousa. Seated, left to right: Mrs. Grimes; Misses Lamb, Koehle, 
Bolsnd, Acronico, Toomey. Absent. Mr. Bertaccini. 

APR1L - 1923 Bankitaly Life PAGE SEVEN 

{Continued from page 5) 

fornia, which they supposed to be an island. They had read the 
popular romance, Amadis de Guala, wherein is described a 
fabulous race of Amazons, decked in armor and precious gems, 
who lived on an island to the right of the Indies, and half 
hoping no doubt to prove the fiction real, had called their dis- 
covery after the mythical land of the Amazons, California. 
Barren and unpromising the region proved to be. Cabrillo in 
1542 sailed along the coast and in 1603 Vizcaino explored it, 
mapping the bays of San Diego and Monterey, but adding little 
else of value to the knowledge of the region. He noted, how- 
ever, that as he proceeded northward, the country became 
greener and more inviting in appearance. 


BNot until the year 1 768 was there any seri- 
ous thought of settling the region which today 
is known as California. When the way was 
finally open for the Franciscans to undertake 
the settlement of the practically unknown 
wilderness of Alta or Upper California, Juni- 
pero Serra, a fervid enthusiast, was chosen as 
leader of the movement, and he lost no time in 
setting out, with three little vessels and two 
land parties, for San Diego, where he proposed 
to locate the first of the new establishments. According to the 
plan of the governor-general, Galvez, three missions were to 
be founded, at San Diego, Monterey and at a point midway 
between the two, to be called San Buenaventura. When the 
devoted Junipero Serra heard this, he asked if Saint Francis, 
the founder of their order, was to have no mission dedicated to 
him. Galvez answered discreetly that if Saint Francis wished 
a mission he should show them the port where it was to be 

Shortly after reaching San Diego, despite the exhausted con- 
dition of many of the party, the numerous deaths from scurvy 
of those who had come by sea, the loss of one ship with all on 
board, the hostility of the Indians, and the uncertainty of the 
way, a detachment was sent forward to find the bay of Mon- 
terey, known only from the rude chart of Vizcaino, and to 

{Continued on page 9) 

APR1L - l923 Bankitaly Life pagenine 

{Continued from page 7) 

locate there the second mission. It was this party that missed 
their objective point and discovered instead one of the world's 
most wonderful harbors, a hundred miles and more beyond. 
The party, commanded by Governor Portola, included Cap- 
tain Moncade, Lieutenant Fages, Engineer Costanso, Sergeant 
Ortega and two Franciscans, Padre Crespi and Padre Gomez, 
together with thirty-five soldiers, a number of muleteers and 
some Mission Indians from Baja (Lower) California. Can we 
not conjure up a picture of them as they climbed the sage-brush 
mountains, forded the rivers and looked on the beauty of the 
live-oak glades, or penetrated the mysterious solitudes of the 
redwood forests? There were the two friars in their coarse 
gray cowled robes, Governor Portola and his officers in gay 
costumes, with short velvet jackets and wide slashed breeches 
trimmed with gold lace, bright sashes and plumed hats; the 
soldiers with loose leather coats hanging to their knees, and 
leather breeches; the muleteers in serapes and sombreros, and 
the scantily clad Indian followers. Afflicted with scurvy, many 
of the party had to be carried on litters by their able-bodied 
fellows. Still they pressed on, they knew not why nor whither. 

On November first, discouraged and exhausted, they climbed 
the heights near the ocean and saw the side coast bight formed 
by Point Reyes to the northward and sheltered by the Faral- 
lones de los Freyres, a group of rocky islets off shore. Most of 
the party were satisfied that they had overshot their mark, but 
as some uncertainty still existed, Sergeant Ortega was sent 
forward with a party to explore. Some of the soldiers left 
behind in camp went hunting in the hills to the eastward, and 
on returning told their companions of a great arm of the ocean 
which they had seen to the north of them. When the explorers 
came back they reported that Indians, met on the way, told 
them of a harbor two days' journey ahead, where a ship lay at 
anchor. With renewed hopes of finding Monterey, Portola 
pressed forward with his flagging band. 

After traveling well to the north he climbed the hills in an 
easterly direction and from their crest looked down upon the 

(Continued on page 11) 


This is where the Bank of Italy transacted business in 1 906, 
one month after the great fire, that nearly destroyed the city of 
San Francisco. This temporary "home" at 632 Montgomery 
Street (our only office in California at that time) was in the 
old Montgomery Block, one of the few structures that escaped 
the conflagration, the most disastrous in history. The Bank of 
Italy was the first San Francisco bank to open for business after 
the fire. It waived all privileges granted by the moratorium 
and in nine days after the disaster it was ready to pay its 
depositors, so as to enable them to begin the work of recon- 

APRIL, 1923 D „ „ J, ; 4 „ I ., T .' f „ PAGE ELEVEN 

Bank Italy Life 

{Continued from page 9) 

splendid reaches of San Francisco Bay. What thought he as 
he scanned that vision of land-locked tide — of misty miles of 
hill-encircled bay with silver bars of sunlight flung across the 
gray-blue expanse from the cloudy sky? Not of marts and 
emporiums for the commerce of the world was his vision, but 
simply of a new site for a mission and a new center for spread- 
ing the gospel and maintaining the prestige of the King of 


Portola found that the report of a ship was false and that in 
truth he was looking upon a hitherto unknown country. 
Accordingly, after a few days of further exploration along the 
hill crest in view of the splendid bay, the party retraced their 
weary way to San Diego, there to report the failure of the 
expedition. When Father Serra learned of the discovery of this 
wonderful bay, he recalled the words of Galvez and was con- 
vinced that the explorers had been miraculously led by Saint 
Francis to the spot where he wished his mission to be estab- 
lished. Some six years intervened, however, before this could 
be accomplished, although the devoted leader never lost sight 
of it as the objective point in his work. Meanwhile Monterey 
was re-discovered and settled, and after it San Antonio, San 
Gabriel, San Luis Obispo and San Juan Capistrano. 

Three years after the first expedition in search of Monterey, 
Father Serra persuaded Lieutenant Fages to further explore 
the Bay of San Francisco with a view to locating a mission. A 
third party continued this work in the fall of 1 774, and at Point 
Lobos, on a hill overlooking the Golden Gate and the Seal 
Rocks, set up a cross to commemorate their work. The next 
year, when the San Carlos sailed into Monterey Bay with sup- 
plies for the mission, it brought the welcome news that orders 
had been given to send a party of settlers from Mexico to 
establish the new presidio of San Francisco. Ayala, the com- 
mander of the little vessel, had also been instructed to make a 
survey of the harbor by boat, which he at once proceeded to 
undertake. On the fifth day of August, 1 775, he sailed through 
the strait and anchored in the bay of San Francisco, the first 
navigator to penetrate to its majestic waters. He selected an 
island for his headquarters, naming it in the deliberate Spanish 

(Continued on page 13) 


Bankitaly Life is pleased to present picture of the late Dr. 
T. A. Rottanzi, distinguished California physician, army officer 
and law-maker, who as a member of the San Francisco Board 
of Supervisors many years ago, introduced an ordinance com- 
pelling women to remove their hats in San Francisco theaters. 
This was the beginning of a similar world-wide movement that 
has enhanced the pleasure of all theater patrons. The above 
likeness was taken during the Spanish-American war, in 1 898, 
in a tent at the Presidio in San Francisco, where Dr. Rottanzi 
was in camp with the First California Regiment, awaiting 
orders to proceed to the Philippine Islands. This regiment was 
the first body of American troops to leave our shores to engage 
a foreign foe. 

APR1L - l923 Bankitaly Life page th.rteen 

(Continued from page 11) 

fashion, Isla de los Angeles, the same that has since been cur- 
tailed and Anglicized into Angel Island. From this rendezvous 
the bay was explored in small boats as far as the mouth of the 
Sacramento River. 


The first party of emigrants for San Francisco started at 
about this time from Sinaloa and Sonora in Mexico on the long 
and weary march over a region without roads. Two hundred 
strong they set forth — soldiers and settlers with their wives and 
children, driving herds of cattle before them. At San Gabriel 
and again at Monterey they had long, vexatious delays. Finally 
a small advance guard pushed on to its destination and selected 
the spot now known as Fort Point for the presidio or fort. For 
a mission they chose a more sheltered valley some two or three 
miles removed and midway betwixt ocean and bay. Not until 
June, 1 776, did the main party, much depleted in numbers, 
finally leave Monterey for San Francisco. Two missionaries, 
Francisco Palou and Pedro Benito Cambon, accompanied them. 
Under the leadership of Jose Moraga they set forth — a sergeant, 
two corporals, sixteen soldiers, seven pobladores or settlers, 
muleteers, vaqueros, servants and Indians, together with their 
wives and children. Many of them were mounted, while a pack 
train and a herd of about three hundred cattle were driven 
before them. Shortly after their departure, the San Carlos 
sailed with a load of freight for the settlers. Father Serra took 
leave of the emigrants and bade them God speed, loath to see 
them go without him. 


A ten days' march brought the party to the San Francisco 
peninsula, where, near the present site of Mission Dolores, it 
set up tents. Their first task was to erect a rude hut to serve as 
chapel, where Mass could be celebrated. They then made 
further inspection of the country, and, ere long, leaving the 
missionaries with a few soldiers and the cattle, moved out upon 
the hills flanking the Golden Gate, where they set about build- 
ing rude temporary dwellings and a chapel which they deemed 
of more immediate importance than a fort. 

When the San Carlos, after much delay by head winds, 
lagged into port, the presidio was more carefully planned in the 

(Continued on page 15) 

Bank of Italy men, veterans of the World War, honor their former chief, General John J. 

Pershing, in gathering about his statue in Golden Gate Park, San Francisco. Left to right: 

Messrs. Schar, Grainger, McCann, Andreotti, Vaganos, Sweet, Massoletti, Meyer, Bricca, 

Combs, Carlson, Kerman, Riordan, Metropoulos, Rowlay. 

^^iHi Bankitaly Life page fifteen 

(Continued from page 13) 

usual Spanish style, with a plaza in the center. The carpenters 
were assisted by the sailors and ere long the combined force 
had contrived to build a cluster of low houses of poles coated 
with mud and roofed with tule thatch. After lending a hand at 
this enterprise, the willing sailors gave their services to the 
padres at the mission station, and put up a small church and 
house adjoining it. Thus was built the first settlement of San 
Francisco ! 


On September the seventeenth of this same memorable year, 
1776, the first celebration was held, the ceremony of taking 
formal possession of the presidio for King Charles III. Imagine 
that picturesque gathering by the Golden Gate! Comandante 
Moraga in all the splendor of a Spanish officer's costume; 
Commander Quiros of the San Carlos, also gaily attired; the 
tonsured Gray Franciscans; the soldiers, sailors, settlers and 
servants, all decked in festal garb! The mission bells were rung; 
the two clumsy cannon were fired; there were volleys of mus- 
ketry and singing of hymns. The royal standard floated in the 
fresh breeze sweeping in from the sea. A cross was reared and 
a High Mass celebrated. Following this came the barbecue 
with an abundance of joints of roasted steer, tortillas and 
frijoles seasoned with red peppers, and no doubt some good 
Spanish wine to wash them down. San Francisco had been 
founded to extend the dominion of the king of Spain, and the 
spiritual influence of Saint Francis. 


Early in October followed a second celebration to mark the 
founding of the mission, San Francisco de Assisi. Padre Palou 
officiated, while the same little band of officers, soldiers, and 
sailors took part in the solemnity. Work was forthwith com- 
menced on the church, but the task of making Indian converts 
was beset with unusual difficulties. The Padres must have been 
reminded of the old recipe for cooking a hare, which runs: 
First catch your hare, etc. 

A fight between two tribes of Indians had left the country 
practically depopulated, the survivors having fled on rafts to 
the opposite shores of the bay. Later on, when the panic sub- 
sided, they returned to harass the missionaries, and open hos- 

(Continued on page 19) 

Officer^ c 

: :: .'..■_■.,. 

d. Employees 
, Bank of Italy 


*™kJ2« Bank Italy Life _z^LJ^^^l 

{Continued from page 15) 

tilities were only averted by severely punishing some of the 
recalcitrant natives. In this discouraging fashion the work 
among the Indians commenced. Nevertheless, one by one they 
were taken into the fold, until, when some five years later 
Padre Junipero Serra came up from Monterey, many natives 
were laboring at the mission and ready for confirmation. The 
spiritual training of the Indians was of a sort that taxed but 
little the intellectual powers of these simple people. Certain 
rites and ceremonies they soon learned, coupled with the reci- 
tation of prayers and hymns in Spanish. Food of the simplest 
character was served them, barley and maize with peas and 
beans constituting the staples. 


Some of the men toiled in the grain fields and learned the 
simple art of letting the wind winnow their wheat; others 
became expert vaqueros, riding after cattle, throwing the reata 
and rounding up the herd; still others were trained as boatmen 
and handled big barges on the waters of the bay. The women 
spun the wool which the men sheared, and wove blankets and 
fabrics. They sewed garments and were busied in making 
drawn-work altar cloths and doing other handiwork. Thus all 
were kept employed from early mass to vespers. With the help 
of the Indians, low mission buildings of adobe, covered over 
with plaster and roofed with tile, were constructed about the 
church to serve as workshops and dwellings. The simplest of 
clothes were provided for the people. When a girl was consid- 
ered of a marriageable age she was allowed to choose one of a 
number of the young men and they were straightway united 
in matrimony. 


A flourishing trade in hides and tallow grew up between the 
Franciscan Padres and the Yankee skippers from around the 
Horn, and this, together with some contributions from the 
Pious Fund, made the mission prosper. In 1 825 the establish- 
ment was reputed to own seventy-nine thousand sheep, a thou- 
sand tame horses and twice as many breeding mares, as well as 
hogs, working oxen, and a large store of wheat, merchandise, 
and some twenty-five thousand dollars in hard cash. Such was 
the prosperity of the mission of San Francisco at the time when 
Mexico gained her independence from Spain, but all this proved 
but a passing phase in the working out of a greater destiny. 

Seventeen Bank of Italy men, of Italian lineage, pay homage to Verdi's genius by assembling at base 
of this imposing monument erected in San Francisco, in memory of the great composer. Top row, 
left to right: Messrs. Perlite, Laurenzi. Center row, left to right: Messrs. Biasotti, Rappa, Torrano, 
Tufo, Bravi, Sarno. Lower row, left to right: Messrs. Rossi, San Giorgio, Dal Toso, A. Zucchi, 
J. Zucchi, Gallarate, Leveroni, Simoni, Bricca. 

APR1L - 1923 Ban kitaly Life page twenty-one 


Eloquent Address by Hon. James D. Phelan, Tivoli Opera House, San Francisco, 
February 24, 1901, at Memorial Exercises in Honor of Verdi. 

Here in California, we are a cosmopolitan 
people. Every land has made a contribution to 
our citizenship and each is proud of a particu- 
lar ancestry. How proud are the Italians of 
their Verdi! They call us here today, and we 
gladly respond, to pay our debt of gratitude to 
the greatest musical composer of the century. 
There are tongues which we do not under- 
Jas. D. Phelan stand, but music is the common language of 
the world, and when Verdi speaks to us, our 
emotions — sensitive to his art — hearken to the voice of the 
master. We understand him; we answer to his passionate 
appeals; we rejoice in his triumph; we bend to his reproof. 
He sings of the life of man in the exalted cadences of the lyric 
muse, stirring to action the slumbering soul or faltering heart. 
His is the sublimation of eloquence. 

Who was this Italian boy who lived to rank in his sphere 
with the greatest of mankind? He was born on October 10, 
1813, 87 years ago, in the Duchy of Parma, of poor parents, 
who kept a village store. He enjoyed no adventitious advan- 
tages, yet rose rapidly in a profession, in which he was encour- 
aged by musical friends, and again seriously discouraged in his 
nineteenth year by his rejection at the Conservatory of Milan. 
But perseverance kindled his native talents — in fact it has been 
said that genius is nothing but hard work — until he was able 
to refuse the highest decoration proffered by his King. He was 
singularly independent and sought only the approval of the 
people; hence it is safe to say that his music will live because 
it is the expression of human nature. He did not, like others, 
endeavor to create a taste by which he would be enjoyed. 

The first period of his work is illustrated by "Nubuco," 
"I. Lombardi" and "Ernani" ; the second by "Rigoletto," "La 
Traviata" and "II Trovatore," and the third and greatest period, 
showing his full development by the operas "Aida," "Otello" 

(Continued on page 23) 

Bankitaly Life 


{Continued from page 21) 

and "Falstaff." Whatever may be the judgment of mere critics, 
who after all compose but a small portion of an audience, the 
melodies of "Rigoletto," "La Traviata" and "II Trovatore" 
will, as now, reach the popular heart of succeeding generations; 
and from St. Petersburg to San Francisco the music will be 
sung as long as love lasts. * * * 


Death will not silence his voice. * * * After a remark- 
able life, during which he raised high the standard of art, 
created music which is chanted and applauded by the world, 
patriotically championing his country's cause, and benevolently 
giving his vast fortune for the care of the old musicians whose 
inspired instruments had given voice and expression to the 
children of his soul, he died at the age of fourscore years and 
seven, honored and beloved not alone by his countrymen, but 
by millions of men and women who were and are still the daily 
recipients of his sublime messages, written in undying melody. 

American citizens of Italian birth or ancestry perform a 
worthy service by commemorating their great names. Our 
country is made up of all nationalities, and therefore has a 
peculiar right to join in this expression of gratitude. Aye, there 
are special reasons: To Italy we owe Columbus and Amerigo 
Vespucci, so we are wedded by discovery as well as by name — 
America, Columbia — to that historic race. 

Italy is the home of Art and Science. From the Roman days 
to the present time, there has been a long succession of men of 
genius. Such names as Rafael, Michael Angelo, Dante, 
Petrarch, Tasso and Gallileo suggest the greatest achievements 
of the mind of man. 


There is much in the mountains and valleys, sky and sea of 
beautiful Italy to inspire genius; and perhaps the physical joy 
of life in that favored land had much to do with the glory of 
her sons. In all physical respects California resembles Italy. 
Our skies, our mountains, our valleys, are not less fair. May 
we not hope to emulate in Art and Science the older land, whose 
sons have done so much for the progress of the world and 
whose unfading beauty has self-conferred an immortality all 
its own. 

*™1±1222 Bankitaly Life page twenty-five 


From Address Delivered in 1899 

By Stephen M. White, Former U. S. Senator from California, 
The first native Californian to represent our state in the U. S. Senate 

What is this Republic? It is the concen- 
trated expression of intelligent free men organ- 
ized for the advancement of themselves in the 
pathways of honor and virtue, asking for 
higher and better things, not seeking for en- 
slavement; not organizing themselves to be 


Reviewing the array of nations prepared for 
Stephen M. White war> j gee a eighty nation— a Russia, a France, 
a Germany, an England, with their millions of men armed and 
ready to strike; ready to fight; ready to extinguish life. I see 
their serried forms, not only upon land, but their wondrous 
navies upon the seas; I behold their mighty cannon leveled at 
the foe; and I ask myself why is it thus? I turn back my eyes 
to the days when on Calvary's mount the Nazarene died that 
man might live and that peace might prevail; * * * and I 
wonder whether in this nineteenth century, in this day and in 
this hour if we are in reality sincere. 

For myself ray views are clear. I believe in my country. 
Her I am ready to defend. On her great shore, from her moun- 
tain heights, and from every vale within which she attempts 
to exercise jurisdiction, I believe it to be the duty of our man- 
hood to rally to the support of the American flag. * * * I 
look upon my country as the typification of the republic of the 
ages. I regard her as containing within her mighty bosom the 
truth of centuries, received from those who have striven to 
elevate virtue, to take our people and build them up to be 
higher and better things in the struggling story of mortality. 
I believe in that, and I summon to that great contest no bar- 
barian horde. If I have anything to say, if my voice may 
summon from the vasty deep, if it may call from the hill tops, 
if it may bring echoes from the plain, the note will be, "Let us 
fight that manhood may be better; that it may be purer; that 
it may be greater." 

And at my side I want intellect, purity, truth, manhood, and 
above me the standard of justice. 


Walter B. Kennedy, Organist and Choir Master, First Presbyterian Church, 
Oakland, and Manager Telegraph Avenue Branch, Bank of Italy 

When Clarence Eddy, world-renowned or- 
ganist, retired a few years ago as choir director 
of the First Presbyterian Church in Oakland, 
his mantle fell on the shoulders of Walter B. 
Kennedy, a young gentleman, distinguished 
alike for his knowledge of banking and of 
music. Walter's profile is shown in the upper 
picture, in which he appears in his "Sunday 
clothes," while in the small insert our readers 
are given an opportunity of meeting him "face 
to face" in his weekday attire. Mr. Kennedy once made the 
following gracious allusion to a common quality possessed by 
church organs and "house" organs: 

It is a far cry from a church organ to a commercial "house" 
organ, or from a choir loft to an editor's sanctum, but as a 
promoter of harmony in business organizations, a house organ 
may be said to resemble the more "sonorous" church instrument. 

APR1L - l923 Bankitaly Life PAGE twenty-seven 


By Jerome A. Hart, Former Editor Argonaut 

a There are Californians who waver in their 

allegiance to the climate of California. Some- 
times the climate of San Francisco has made 
me cross. Sometimes I have thought that the 
winds in summer were too cold, that the fogs 
in summer were too thick. But whenever I 
have crossed the continent — when I have 
emerged from New York at ninety-five de- 
grees, and entered Chicago at one hundred 
Jerome A. Hart degrees — when I have been breathing the dust 
of alkali deserts and the fiery air of sage-brush plains — these 
are the times when I have always been buoyed up by the antici- 
pation of inhaling the salt air of San Francisco Bay. 

If ever a summer wanderer is glad to get back to his native 
land, it is I, returning to my native fog. Like that prodigal 
youth who returned to his home and filled himself with husks, 
so I always yearn in summer to return to mine, and fill myself 
with fog. Not a thin insignificant mist, but a fog — a thick fog 
— one of those rich August fogs that blow in from the Pacific. 
When I leave the heated capitals of other lands and get back 
to California uncooked, I always offer up a thank-offering to 
Santa Niebla, Our Lady of the Fogs. Out near the Presidio, 
where Don Joaquin de Arillaga, the old comandante, revisits 
the glimpses of the moon, clad in rusty armor, with his Spanish 
spindle-shanks thrust into tall leathern boots — there some day 
I shall erect a chapel to Santa Niebla. And I have vowed to her 
as to an ex-voto a silver fog-horn, which horn will be wound by 
the winds of the broad Pacific, and will ceaselessly sound 
through the centuries the litany of Our Lady of the Fogs. 

Every Californian has good reasons to be loyal to his native 
land. If even the Swiss villagers, born in the high Alps, long 
to return to their birthplace, how much the more does the 
exiled Californian long to return to the land which bore him. 
There are other, richer, and more populous lands, but to the 
Californian born, California is the only place in which to live. 
And to the returning Californian, particularly if he be a native- 
born, the love of his birthplace is only intensified by visits to 
o^rr lands. 



j j w 




APR1L ' i923 Bankitaly Life page twenty-nine 


By John P. Young, Historian and Former Editor of the San Francisco Chronicle 

The name given to the entrance of the bay 
of San Francisco was not suggested, as is some- 
times assumed, by the discovery of gold in 
California, although its bestowal occurred 
nearly concurrently with that event. 

So far as written records are concerned, they 
are silent on the subject of naming the en- 
trance, and it is probable that no one took the 

Genera) Fremont trQub l e tQ app l y Q part icular designation to it, 

although the islands and points about the bay 
were promptly supplied with names. De Ayala is credited with 
giving to what we call Angel Island the name of Isla de los 
Angeles, but he forgot to christen the opening which gave 
access to it from the Pacific. 

To John C. Fremont belongs the honor of conferring the 
appellation Golden Gate, but curiously enough, in accordance 
with the tendency which had not yet run its course, he called 
it "Chrysopolea." This designation appears on the map of 
Oregon and California that accompanied the geographical 
memoirs published by him in 1 848. 

These memoirs were written before the discovery of gold at 
Sutter's mill, which was made in the same year, and in them 
Fremont took pains to make clear why he had selected the 
Greek title. Like all the discerning Pioneers, he was profoundly 
impressed with the belief that the harbor would one day bear 
a great commerce on its waters, and that it would outrival 
Chrysoceros, the Golden Horn of Byzantium. 

The Pioneers accepted the name, but promptly converted it 
into English, and doubtless many of them who had no 
acquaintance with the geographical memoir of Fremont imag- 
ined that it was the steady stream of gold passing through the 
portal which suggested the happy title. 

page thirty Bankitaly Life Eapril 


By Leland Stanford, Civil War Governor of California, Later U. S. Senator and 
Founder of Leland Stanford Junior University 

Sacramento, November 5, 1863. 
"Let us come before His presence with thanksgiving, 
and show ourselves glad in Him with psalms." 

In accordance with the Proclamation of 
Abraham Lincoln, President of the United 
States, and in order that the people of our 
common country may, upon the same occa- 
sion, and with the same unanimity of purpose, 
offer up their grateful thanksgiving to Him 

Governor Stanford 1 i_ . «« j i r , •;, » i 

who bestows every good and perfect girt, 1, 
Leland Stanford, governor of the State of California, do hereby 
appoint Thursday, the 26th day of November, 1863, as a day 

of public thanksgiving to Almighty God "for the great benefits 
we have received at His hands" during the year through which 
we have just passed. 

Let us remember on that day that in calamity, as in pros- 
perity, there is a God above us who holds in the hollow of His 
hand not only the lives of individuals, but the destinies of 
nations. Let us remember that it is to Him we must look for 
guidance in our public affairs, as well as pray for strength to 
compass the threatened dangers that surround our beloved 


Our State, during the past year, has been blessed with pros- 
perity and health. Our farms have yielded of their abundance, 
and our mines have continued to give up their hidden treasures. 
We have been free from floods, pestilence and famine, and, as 
a State, have known no widespread calamity. We have enjoyed 
an unlimited fruitfulness of soil and a genial climate, which we 
can offer to share with thousands from other lands who are 
anxiously seeking new and more peaceful homes. 

We are blessed with a generous and sympathizing popula- 
tion, whose hearts have been opened to give munificently of 
their abundance, that the sufferings of sick and wounded 
patriots of other States may be relieved. 

We have multiplied and renewed evidences of the loyalty 

imi Bankitaly Life page th.rty-qnl 

of our people, and have, by legislative, elective and judicial 
action, kept dissolution from entering into the cherished insti- 
tutions of our own favored commonwealth. 


But while we assemble with thankful hearts among the cor- 
dial associations of our own happy homes, let us not forget the 
many desolate households in our sister States, whose altars will 
be twined with cypress, and whose hearts will be overflowing 
with desolation, while our own are filled with thanksgiving for 
the plentitude of Divine protection. 

As a nation, we have been passing through a bitter, trying 
and bloody ordeal; but recent events seem to foretell the 
coming of better and brighter days. And in this we have cause 
for peculiar thankfulness. And for this and all other mercies 
vouchsafed to us, let us give to Almighty God our unreserved 

In witness whereof, I have hereunto set my hand (L. S.) and 
caused the great seal of the State of California to be affixed, the 
day and year above written. 


Governor of California. 

Attest: A. A. H. TUTTLE, Secretary of State. 


First Chief Engineer, Central Pacific Railroad 

By Edward Robeson Taylor, Former Mayor of San Francisco 

The great Sierras reared their ramparts high, 

With canyons stretching deep and dark between- 
A roadless, towering steep whose vast demesne 

The art of man had never dared defy. 

When Judah looked with steady, piercing eye 
Upon the abysmal wonders of the scene, 
Until he saw with vision grandly keen 

The certain path for him to glorify. 

And now along the way his genius traced 
The locomotive plies, all fears outfaced, 

The world of commerce in its arms to bear; 
And as its song of triumph man still hears, 

All blent with it a paean thrills the air 
In praise of him, our Prince of Engineers. 

Peaceful Garden of the Padres 


MAY- 1923 

Here a countless variety of wild flowers greets nature lovers 

Courtyard of the original Palace Hotel, San Francisco. Completed 187S. Destroyed by fire 

1906. This great edifice was regarded by many as the most luxurious hostelry 

erected in the nineteenth century. 




Head Office 

Volume 7 MAY, 1923 Number 5 


We have, through the courtesy of the Sacramento Chamber 
of Commerce, devoted several pages of the present number 
Bankitaly Life to an account of events having great historic 
interest, that centered about our romantic State Capital. It was 
a Sacramento man who discovered gold in California and the 
names of four Sacramento merchants, Stanford, Hopkins, 
Crocker and Huntington, have gone down in the annals of our 
Nation's progress as the "builders" of the first transcontinental 

Sacramento, in early days, was not entirely given to the 
pursuit of wealth, as was evidenced in the culture of its visitors, 
for artists, scientists, singers and orators came from the world's 
centers to this Eldorado of the West. Agassiz, the great, told 
Sacramentans of the marvelous discoveries in the field of 
science. Ole Bull touched his magic violin and gave an insight 
into the realms beyond. John B. Gough captivated with his 
forceful words and Walter Campbell with his songs, while 
Governor Newton Booth charmed with his eloquence. 

The four Sacramento "traders," afterwards known as 
"Kings" in the transportation world, finally moved to San 
Francisco, where they built stately homes on California Street 
hill. These were destroyed in San Francisco's overwhelming 
disaster of 1 906, but the sites they once occupied have been 
dedicated to public usage. On one of them is the Art Institute, 
University of California; another is a public playground; a 
third has been donated as the location for Grace Cathedral, 
while the fourth is the property of Stanford University. 

Bankitaly Life 



Its Close Relation to the Discovery of Gold in California and to the Construction 
of Our First Transcontinental Railroad 

California! The one word known to every tongue on the 
globe, internationalized through that magic talisman the gold 
nugget, and that gold nugget found by a Sacramento man in 
Sacramento territory ! 

Around that discovery and subsequent events has been 
written the Story of the West, the most fascinating, alluring 
and soul-stirring story ever penned by man. It is the land made 
famous by Mark Twain, Bret Harte, Joaquin Miller and Dana. 
And Sacramento was the hub of that seething, money-mad, 
frenzied maelstrom of gold seekers — "the Forty-Niners." Over 
the streets your auto travels today, there then traveled the 
red-shirted miner, the patient burro, and the powerful ox team, 
but they traveled in dust or mud to their ankles, and the miner's 
bed was under the nearest tree at sundown. 

The hardest thing to uproot from the human heart is senti- 
ment. It makes life worth living, tinges the darkest cloud with 
a rosy glow, gives one faith in the future and is the incentive 
to do greater things. 

"The Days of Old, the Days of Gold" are wrapped up in the 
history of Sacramento. From here radiated in all directions the 
adventurer, the prospector, the grog seller and the seductive 

This history of California is a part of Spanish tradition. The 
story of its settlement is one of faith in an unknown land. 

In the Summer of 1 769 an old man, bent, weak, emaciated, 
friendless and almost alone, toiled over the hot, blistering 
southern sands. He had neither wealth nor wares, simply a 
crucifix and faith — faith in himself and in the future of that 
glorious land dimly known as California. 


Junipero Serra's faith was supreme — it 

founded San Diego, Monterey, Los Angeles, 

San Francisco and seventeen other centers of 

population, but of Sacramento Junipero Serra 

knew nothing, had heard nothing. For fifty- 

^Kjjr^^^^ five years after he died it was still an unknown 

wilderness of wild animals arid Indians. For 

Bk. 1 sixty-three years ships had been trading at the 

Port of San Francisco, when, in 1 839, the 

whose land gold genial Swiss Captain Sutter arrived there and 

was discovered asked for a guide up the Sacramento River. 

(Continued on page 1) 

Three great Americans, at Stanford University in 1891. Left to right: — Leland Stanford, founder of Stanford 
University; Benjamin Harrison, President of the United States, at that time; John Wanamaker, Postmaster 

General and merchant prince. 

Bankitaly Life 


(Continued from page 5) 

There was none. No one had ever wanted to go there. Sutter's 
vision was broad, he looked far into the future. Full of faith, 
with the blasting echo of ridicule ringing in his ears, he set out 
in a rowboat looking for the unknown haven. Eight days 
brought him to the mouth of the river. Two friendly Indians 
guided him to the American River. He landed there, close to 
the present site of Sacramento, August 1 2, 1 839. With his 
three white companions and a few Kanakas he began at once 
the erection of an adobe house, roofed with tules. Indians were 
many and murderous. A protecting wall of adobe was erected 
around the house. Small cannon were mounted. Sutter's adobe 
became Sutter Fort. A few lessons with powder and ball, fol- 
lowed by generous, cordial treatment, soon made lasting friends 
of the Red Men. 


The immense land grant given Sutter by Governor Alvarado 
was rapidly put to use as grazing and wheat land. Soon Sutter's 
great progress turned his jeering critics into envious friends. 
He was successful, therefore they flocked to his locality, and 
settled on his lands. He held no resentment. All were welcome. 
There was room for everyone. His hospitality and geniality 
soon made Sutter Fort famous from coast to coast. Noted 
visitors to California made the slow, tedious trip up from San 
Francisco just to meet the Captain. General Fremont and Kit 
Carson came. They needed many horses and equipment. 
Sutter gave freely and without question. 

The Russian Governor came down from Sitka. When he 
left he carried $35,000 in cash with him. Sutter had bought 
Fort Ross and the Bodego holdings of Russia. He was now 
rich. His was the greatest trading post in the West. It became 
crowded, so in 1 844 the Captain started Sutterville, three miles 
below the Fort. Several houses were erected, including the first 
brick house in California. But the settlers persisted in staying 
nearer the Fort, for there was the gathering place for all. 

Sutter alone employed several hundred men. Ceaseless labor, 
keen judgment and good will had, by 1 847, made General Sutter 
practically independent of wealth. With 1 3,000 head of stock, 
a vast acreage of wheat running as high as 1 1 4 bushels to the 
acre, a mercantile business exceeding any other on the entire 
Pacific Coast, he had reached the pinnacle of wealth and fame. 

(Continued on page 9) 

Bank Italy Life 


{Continued from page 7) 

Sawed lumber was scarce. Sutter sent James W. Marshall 
scouting for a good mill location. On the South Fork of the 
American River (at Coloma) Marshall found ideal conditions. 
Water and timber were available, thousands of deer and ante- 
lope roamed the hills and wild game was abundant. Marshall 
arranged with Sutter for helpers. Logs were felled, cabins 
erected, the mill frame started and the mill race dug out. 

JANUARY 24TH, 1848! On that day oc- 
curred the event that startled the whole civil- 
ized world. Two hundred yards below the mill 
James W. Marshall picked up the first gold 
nugget. Untold wealth was in sight on their 
own land. Sutter and Marshall pooled their 
interest. They would work their holdings 
quietly and bank the output. But it was not a 
James W Mar- secret long. Exultantly rang the wild cry 
shall, who discov- around the earth, "Gold has been discovered 
ered gold near Sutter Fort." 

From all points they came, the rich, the poor, the saint and 
the sinner. But one thought pervaded the whole excited, irre- 
sponsible, gold-maddened mob, "Gold, Gold! then back to home 
and the kiddies!" The gold under foot was spurned in the 
insane desire to reach richer fields. Over night, almost, Sutter's 
men deserted him. When from $40 to $1800 could be washed 
out with a pan in a day, there was no attraction in $40 per 
month as a ranch hand. They laughed in derision at Sutter, 
they stole his stock, his provisions, tools, and wagons, destroyed 
his grain and pillaged everything accessible. His $25,000 mill 
was a total loss to him, his grain remained unthreshed. the hides 
were left to rot in his tannery, even his mill stones were stolen. 
The gold hysteria knew no law nor restraint in that first mad 
rush. Towns became known and named from their most prom- 
inent vices or crimes. Whisky Diggings, Port Wine, Slug 
Gulch, You Bet, and Wild Yankee Diggings told their own 
story. One place became so prosperous and lawless that they 
hung law breakers first singly, then in pairs ; so they named the 
settlement Hangtown, now Placerville. 

{Continued on page 11) 

General M. H. De Young, publisher San Francisco Chron- 
icle and public-spirited citizen, accedes to request of Bank of 
Italy representative and stands for picture at entrance to the 
great Memorial Museum, De Young's gift to posterity. Insert 
is picture of Charles De Young, son of the General and able 
business associate, who passed away several years ago. 

Bank Italy Life 


(Continued from page 9) 

In desperation Sutter yielded to the pleas of the few Indians 
remaining at the Fort, loaded up a few wagons with supplies 
and went to Mormon Island. Crowded out there, he went far 
inland to Sutter's Creek. The gamblers and grog shops followed 
close on his heels. His Indians became drunkards and did 
nothing. Sutter became disgusted and discouraged. The dis- 
covery of gold on his own property by his own man had 
pauperized the greatest promoter for its good that California 
had ever possessed. He retired to Hock Farm on the river, and 
later went East, where he died, a poor man. 

In the meantime the Fort was flourishing. An immense 
business was created by the demands of the miners. In 1 849 
the upper story of the central building (still standing) was 
used as a lodging house, the front room below being used for 
drinking and gambling, with the bar open twenty-four hours 
a day. Drinks were fifty cents, or a pinch of gold dust. Only 
barkeepers with large hands were employed. Board was $200 
per month; $64 shod a horse. The teamster got $300 a month 
and board. Freight from the Fort to Coloma (at present a 
two-hour auto drive) cost $2000 per ton. As the supplies had 
to come from San Francisco, the river front soon began to build 
up around the landing places. 

The story of Sacramento is but the continua- 
tion of the story of Sutter Fort. The first survey 
was made in 1 848 by Captain Wm. H. Warner, 
U. S. A. In 1 849 the citizens of the new town 
celebrated the Fourth of July in a grove of oak 
trees where the Capitol now stands. Three 
months before that not over one hundred and 
fifty people were in the place. Everyone was 
Bruno, a typical i n the mines, but those who remained became 
Died at age 1 10. rich. Goods realized 200 per cent profit. Clerks 
received $500 per month. Miners brought their nuggets to 
town in little salt sacks, yeast cans or old socks. Scales were 
inaccurate and never in favor of the miner. A "pinch of gold" 
varied greatly, but it was plentiful and no one cared. Gambling 

(Continued on page 13) 

Bankitaly Life 


{Continued from page 11) 

houses flourished by scores. By 1850 the great rush was at its 
height. Hotels, of rough boards, canvas and sheet iron, were 
inadequate to handle the crowds. Dance halls never closed. 

In July the city stopped to take a breath. A City Council 
was formed, a constitution for local government adopted. The 
lawless element fought every attempt to bring order out of 
chaos. Time and the persistent work of the better class even- 
tually won out and Sacramento emerged from its frontier 
clothes and became a real city with all of a real city's ad- 

The Capital of California has been a migratory one. Starting 
out in Monterey in 1849, it traveled to San Jose. In 1852 it 
visited Vallejo, but Sacramento seemed the logical place and 
it came here, but drifted back to Benicia in 1853, only to find 
that the one place superior to all others was Sacramento, so 
back to Sacramento it came and has remained here ever since. 
With the advent of the Capital better inland 
transportation facilities became imperative. In 
1854 a company was formed, Theodore D. 
Judah hired as Chief Engineer, and by 1 856 
the Sacramento Valley Railroad had been com- 
pleted as far as Folsom, twenty-two miles 
away. As a local road it was very profitable, 
but when Judah took the plans and preliminary 
surveys of a feasible continental route to the 

I heo. D. Judah, .. - _ „ . . i 1 1 

First Chief Engi- capitalists ot oan rrancisco they laughed at 
neer, C. P. R. R. him. He was advised to wake up. He did. 
Coming to Sacramento, he was introduced by his friend James 
Bailey to Stanford, Hopkins, Crocker and Huntington, all Sac- 
ramento merchants moderately well to do. Sacramento needed 
more direct connection with the East. It had experienced great 
trouble in getting supplies. It had faith in Judah, and in its four 
citizens, who pledged their personal fortunes to secure the com- 
mencement of the enterprise. 

On February 22nd, 1 863, at the foot of K Street on the levee, 
was shoveled the first spadeful of earth in the construction of 
the Central Pacific Railroad. It was built in the face of great 

(Continued on page 15) 

Dr. A. H. Giannini and Mrs. Giannini on board the steam- 
ship "Majestic," New York, just prior to departure for Europe. 
Dr. Giannini is president of the East River National Bank and 
chairman Board of Directors, Commercial Trust Co., New 
York City. These banks are affiliated with the Bank of Italy, 

MAY - l923 Bankitaly Life page f.fteen 

{Continued from page 13) 

discouragement and tremendous physical obstacles. Immense 
stretches of snowsheds had to be built through the mountains 
and thousands of feet of tunnel had to be driven through solid 
granite. Precipitous cliffs thousands of feet high had to be 
surveyed and a roadway blasted out. Hundreds of men were 
killed in its construction. The difficulties seemed insurmount- 
able, but Sacramento had faith in the builders, and its builders 
had faith in themselves, and on May 1 Oth, 1 869, at Promontory 
Point, Utah, Senator Stanford drove the gold spike that united 
the East and the West. While all the rest of the State stood 
back and laughed, Sacramento had gone ahead and accom- 
plished the seemingly impossible task of conquering the High 
Sierras at an altitude of over seven thousand feet, defying its 
heaviest snows and its terrific landslides. 

Travel to the East was opened to all. Freight rates dropped 
to but a fraction of their former high level. California became 
the objective point of emigrants, not seeking gold nuggets, but 
homes and acreage where they could obtain wealth from the 
land and health from the outdoor air and sunshine. 

But with all our modern improvements in homes, transporta- 
tion and amusements, sentiment still lingers with us, and we 
are loyal to the memory of those who made possible through 
their faith the magnificent domain which we love, the Sacra- 
mento Valley. 

Mark Twain said: — Where will you find another valley like 
the Sacramento in the Western hemisphere? Some of us have 
swept around snow-walled curves of the Central Pacific rail- 
road in that vicinity, six thousand feet above the sea, and 
looked down as the birds do, upon the deathless summer of this 
great valley, with its fruitful fields, its feathery foliage, its silver 
streams, all slumbering in the mellow haze of its enchanted 
atmosphere, and all infinitely softened and spiritualized by dis- 
tance — a dreamy exquisite glimpse of fairy land, made all the 
more charming and striking that it was caught through a for- 
bidding gateway of ice and snow, and savage crags and 

Magnificent Group of Statuary at Panama Pac 
Reproduced to revive 
From left to right the figures are: — Arab warrior, negro servitor bearing basket and fr 

Buddhist lama with emblems of authority; camel 


nternational Exposition, San Francisco, 1915. 

>ries of a great event. 

camel and rider; falconer; elephant with howdah containing figure "Spirit of the East"; 

Mahometan rider; negro, and Mongolian warrior. 

Bank Italy L i f 



Preliminary work on the bridge that is to connect San Mateo 
and Hayward is now well under way. Bridges have frequently 
caused communities to unite, as for instance in the case of 
New York and Brooklyn, but we hardly think that history will 
repeat itself in the proposed "span" between our city and 

We shall be mighty glad when this great bridge is completed, 
for we have often longed to get better acquainted with Frank 
Dusterberry at Centerville and Bill Knightly at Hayward, yes, 
and George Hamilton Park too, whose fame as a versifier has 
penetrated the wilds of this part of California. 

Pacific City has reopened for the season and is attracting 
large crowds, with every prospect some day of rivaling Atlantic 
City on the eastern coast. 

San Mateo will have two new grammar schools and a modern 
high school all ready for the fall term. It is not unlikely a junior 
college course will soon be added to the curriculum in our local 
educational system. 


Poor Johnnie Canale, teller, has been playing in hard luck, 
for he picked out the wrong two weeks for his vacation. While 
he was away we enjoyed weather, the exact counterpart of that 
for which San Francisco is famous in summer. When John 
returned, old Sol was right on his trail and ever since Teller 
Canale has, like Craig Thorburn of our First branch in Fresno, 
taken to poetry, for he says : 

Busy old fool, unruly sun, 

Why dost thou thus 

Through windows and through curtains call on us? 
Our Mr. Lynn O. Stark, with his family, is planning a trip to 
the Feather River country. Lynn will, of course, do some fish- 
ing while away, and although he may not land as many denizens 
of the streams as some of the other piscators of our bank, he 
will doubtless borrow some of Johnnie Boyle's fish stories at 
Oroville and maybe a few of Sam Troxel's "choicest" at Chico. 
Armed with these, Lynn will be ready to spin yarns, on his 
return, that will put to rout anyone who ever went forth from 
San Joaquin County to win fame as an angler or as a raconteur 
of fishing episodes. 

Colma Branch, Bank of Italy 


Party includes Colma Branch staff and head office visitors. 

Left to right, Messrs. Nail, Graziani, Gardiser, Cattori, 

Lagomarsino, McNulty. 

MAY - l923 Bankitaly Life page twenty-one 


Our new building has not "budded" yet, but we are not dis- 
couraged when we think how Charlie Smith at Livermore had 
to wait; but he won out handsomely by just smiling, "gaily 
but persistently." 

Recent "additions" to our staff: — handsome son of Mr. and 
Mrs. B. E. Schnereger, weight 16 pounds; beautiful daughter 
of Mr. and Mrs. Forest Speck, weight 1 4^4 pounds. Our hearty 
felicitations to the happy parents. 

Elmer Troxel, our general utility man, has left us for the 
head office. Sorry, Elmer, to have you leave us, but glad to 
know you are still in the family. 

The officers and employees of this branch recently motored 
to Visalia for a group photograph. Messrs. Beale, Farrell, Rose 
and Vincent, inspectors from the head office, were guests of 
honor, while Dunn Van Giesen acted as "chaperon." 

Overheard in our directors' room during a loan inspection: — 

Am. Hays: — "This Smith loan does not look good to me." 

A. \V. Hendrick: — "No, I think you had better call it." 

Am. Hays: — "Call it what?" 

At a recent local election it was decided to issue $190,000 in 
bonds for a civic center and auditorium. Vote, 926 to 167. 
H-A-N-F-O-R-D spells progress ! 

On the bankers' team of the Twilight baseball league, seven 
players registered from the Bank of Italy. 


If the members of the Polk- Van Ness branch staff cannot 
buy us a "regular" dinner as agreed upon, we suppose that we 
shall have to accept the "hot chocolate" proffered by them. It 
doesn't seem fair, however. 

At the last meeting of our advisory board E. J. Mullin, our 
former assistant cashier, now in charge of the Sunset branch, 
was presented with a beautiful gold fountain pen and with it 
we tendered our very best wishes to dear old Ed. 

Wm. A. Newsom, our manager, is again a resident of the 
Mission, having moved from the Sunset district shortly after 
the demise of his devoted daughter, whose passing caused a 
general and very profound feeling of sorrow for our chief. 

Bankitaly Life 



Sixty little girls from Oakland have been enjoying the health- 
giving virtues of Del Valle Farm, near Livermore. These dainty 
bits of femininity showed an average gain in weight, during 
the first week of their sojourn, of 2 2/3 pounds each. 

Marguerite Larripa has returned to us after several weeks 
illness and is now ready to assist us in caring for the proceeds 
of the bountiful harvest that our local farmers are about to reap. 

Our valley is now one of the beauty spots of the world with 
its vivid green of the vineyards contrasting with the golden 
grain of the fields while the brown mountain sides serve as a 

The plan to have a "moonshine still" in full operation, in 
the local parade incidental to a coming celebration, has been 
abandoned. We understand all the stills were so busy that none 
could be spared for mere "exhibition" purposes. 

H. J. Callaghan, formerly assistant manager of the local 
branch of the American Bank, has been promoted to the man- 
agement. Joe has a host of friends, all of whom have congratu- 
lated him on his elevation. 


Mr. Armanino, in charge of this branch, now weighs an even 
200 pounds, so when we say he is one of the "big" men of our 
district it is literally true. 

The Market-Geary branch staff had a little outing at Congress 
Springs recently, where our "chief" made good as usual by 
acting as steward. Attilio is never found wanting. 

We have installed the huge electric sign that formerly 
adorned the Geary Street entrance of our Market-Geary branch. 
Several local merchants have followed suit until now the Bay 
View district at night time looks like Market Street between 
Fifth and Sixth in San Francisco. 

We have just made up our first semi-annual report, which 
does not compare unfavorably with the first report rendered by 
the Bank of Italy on December 31,1 904, that showed resources 
of $285,436.97. In another six months we hope to pass those 
"historic" figures, which every messenger boy of our bank 
knows or should know even as he does his A B C's. After that 
we are going to ask for an advisory board, a local trust officer, 
and a bond salesman. Yes, and maybe a women's banking 

San Francisco Ad Club invites brilliant European educator, 
the Princess Santa Borghese of Italy, to address its members at 
Palace Hotel luncheon. At speakers' table, left to right: W. W. 
Douglas; Mrs. B. Woerner; Princess Borghese; Leon Living- 
ston; Shirley Walker, President Ad Club; Emil Brisacher; 
Harry Vollmer. 

MAY - 1923 Bankitaly Life page twenty-five 


Lewis Wright has been appointed an assistant cashier and 
we were mightily pleased to see our club president thus honored. 

Vacation brevities: — Mr. Hays has returned from a fishing 

trip, looking as brown as a berry. Mr. Kruger relaxed in 

San Francisco during his two weeks absence, returning full of 

fog and pep. Mr. Flesher is visiting in the eastern states 

and we know he will be glad to return and cool off. An- 
other member of our staff, a resident of our "Burroughs' 
Alley," spent his vacation in Hollywood. He has asked us not 
to mention his name. 

The following members of our staff are expecting A. I. B. 
certificates: Boulden, Bier, Paolini, Waller, Wright, Nichols, 
Tondel, Arakelian, Jones and Williams. 

We have delayed announcing the marriage of Anthony Sala, 
our assistant cashier, for fear the suddenness of the promulga- 
tion might be too severe a shock for Mr. Sala's young lady 
friends in San Francisco and Stockton, where he has always 
been a general favorite. Yes, Tony finally surrendered uncon- 
ditionally and Miss Tocchini deserves the honor of having won 
the heart of our assistant cashier. We congratulate Mrs. Sala 
and tender to Mr. Sala our felicitations on his gallantry. 


Prospectors have again started to drill for oil in our vicinity, 
this time a little closer to town. 

Our crops are exceptionally good and we expect a very busy 
fall season. 

Mr. Peterson of our Paso Robles branch has been here, sub- 
stituting for our Miss M. Pendery while on her vacation. This 
is the first relaxation that Mattie has had since her wisdom teeth 
were extracted. 

A glazed tile and brick yard is to be established here and this 
industry will incidentally add a number of families to our 
town's population. 

W. T. Rice, assistant manager, San Luis Obispo branch, very 
kindly took the place of our local chief during his annual out- 
ing. If our Mr. Pendery can reciprocate at any time by sending 
one of his trained assistants to S. L. O. or to any other live 
branch, to assist in an emergency, he hopes that his brother 
branch executives will not hesitate to command him. 

MAY - l923 Bankitaly Life page twenty-seven 


Our baseball nine recently defeated the First National Bank 
team after a closely contested game. This was the first time in 
six years that the boys from the First National lost out, so we 
are proud of our victory, even though it cost us the loss of our 
voices for three whole days. 

For many years the former second baseman of the Mer- 
chants National Bank (our predecessor) has held a silver cup 
for making the only unassisted "double out" at second base, in 
the history of local baseball. In our recent game with the First 
National, "Chicky," our captain, also made a double out un- 
assisted, so that our former star at second sack will have to 
share honors with "Chick." We are not mentioning any names 
for fear of being fired twice — unassisted. 

Vacation items: — Barney Brandt, assistant manager, mo- 
tored to S. F. on his vacation, while Major Milton Epstein, vice- 
president head office, came hither on his'n. The Major spent 
his first day on the sun porch of the San Diego Rowing Club, 
where our tropical sunbeams got in their deadly work on his 
cuticle. This made it necessary for Milton to spend the next 
few days in bed, where he was swathed in bandages that were 
calculated to soothe his sunburnt epidermis. 

We are about to move next door into a temporary home, 
until alterations are completed in our main banking room. It 
will probably take three or four months to make these improve- 
ments, after which our San Diego headquarters will be much 
more modern and spacious. 

Our industrial savings plan has been successfully established 
in nine of the leading stores of San Diego, and our total of this 
class of deposits is now in excess of four thousand dollars. 


Our apricot crop is very heavy this year, a condition brought 
by a mild spring and generous rains. It is said that nature was 
assisted by the intelligent use of spraying and smudging 

Thomas S. Hawkins, vice-president and manager of Hollister 
branch, is taking an intensive interest in school savings, the 
result being a most satisfactory increase in the number of depos- 
itors in our local school savings department. 

(Continued on page 29) 


Members of staff, Live Oak Branch, Bank of Italy. Left to right: — Neva 

Boynton; E. H. Cobeen, manager; Dorothy Schwedhelm. 

Absent, Dunning Rideout, vice-president. 

C. H. Metteer 

C. H. Metteer is, by common consent, re- 
garded as the "Father of Live Oak." He took 
the initial steps in the establishment of our city 
in 1870, the same year in which a tiny baby 
boy named Amadeo Giannini was born in San 
Jose, California. It was doubtless among the 
fruit trees of the Santa Clara Valley that our 
President learned, as a child, to realize the 
importance of "branches" in Nature's pro- 
gram, a fact that he applied in the develop- 

ment of the Bank of Italy. 

Bankitaly Life 


{Continued from page 27) 

Just 60 years ago Mr. Hawkins bought two hundred acres of 
land four miles north of Gilroy, for which he paid ten dollars 
per acre. He built a house on this land and on December 9, 
1 863 was married to Miss Emma Day, when the happy young 
couple started housekeeping in their cozy little home. 

E. A. Cushman has joined the benedicts. Mrs. Cushman 
was formerly Miss Lucile Swalley of Oklahoma, who has been 
a teacher in our high school and junior college for the past two 
years. The Cushmans spent their honeymoon in the north- 
west. Our very best wishes to Ed and his fair bride. 

Daisy Cottingham of Los Angeles has joined our branch 
organization and is already very popular with the younger set 
of this community. 

When Merrill Thomas and George McConnell went on their 
vacations, they combined pleasure with some business, by 
looking after their agricultural interests. 


The Montgomery Ward Company is to erect an eight-story 
building within three blocks of this office. The advent of a 
branch of this great Chicago house in Fruitvale makes us feel 
as if we have been discovered by the "middle west," just as 
Los Angeles has been. 

When our baseball team played the Standard Oil nine we 
should have beaten them, but they were a little too "slippery" 
for us. Then too when victory was almost in sight, our Mr. 
Thurston became over-elated and ran all over the diamond in 
trying to locate third base. He has, however, since found it, 
and we are going to play the "Rockefeller" boys once again. 

Vacation items: — Pearle Bridge has been at Lake Tahoe, 
where the snowballing was fascinating to one so used to per- 
petual sunshine. Perry Bydgnes spent his two weeks 

with relations in Seattle, that city which claims to be actually 

closer to the Orient than San Francisco. Guess it is. 

Marion Van Horn, collection and exchange department, went 
to Huntington Lake, which reminds us of the boy at our Mont- 
gomery Street branch who once said "he spent his vacation at 
Huntington Falls." An investigation proved that these "falls" 
were in Golden Gate Park, San Francisco. 

We all commiserated with F. L. Parker of our advisory board 
in the loss he sustained through the destruction of the Eureka 
Mill, in which he is heavily interested. 

PAGE THIRTY B d U k i t d I J L i f e ^MAY 


Baseball is going strong again in Merced. Our boys did not 
fare very well in the first game, but this was not their fault, for 
the umpire's decisions were rank. We were going to use a 
"stronger" word, but it would not look well in print. Our nine 
is going to select its own umpire the next time. 

The Merced staff co-operated to make the recent Ladies 
Clubhouse Carnival a great success. "Pinkie" Brown was in 
charge of the "Hot Dawg" kennel and all the doggies were dis- 
posed of. Carl Wagner was chief of the "Palais Royal" conces- 
sion, which proved to be a most respectable resort, where noth- 
ing transpired to offend the most fastidious. But then you 
know, Carl lived for a long time in San Francisco and is conse- 
quently a stickler for propriety. 

Manager Cunningham has returned from a vacation on his 
mountain ranch near Jerseydale in Mariposa County, not very 
far from the big trees, that always inspire great thoughts in the 
mind of our branch's respected chief. 

Isaac Pedreira relaxed this year by going to Yosemite in his 
1917 Ford, known all over the San Joaquin Valley as "Ike's 
Narcissus." This triumph in automobile design was appropri- 
ately named, for as the story in Greek mythology goes "Nar- 
cissus" was so beautiful that he fell in love with his own image. 

In a late issue of our house organ, we referred to the fact that 
George Washington was in our employ. We are now pleased 
to announce that no less a personage than Dean Swift is also 
on our payroll. This name recalls thoughts of the original Dean 
Swift, of whom it was said that "no writer ever wrote whose 
meaning is more absolutely unmistakable, for he was the grand 
master of plain speech." 

Arnold Grasmoen, formerly of the Le Grand Bank, is now 
allied with our branch. If you have any trouble in remembering 
Arnold's last name, just associate it with that garden utensil so 
extensively used in keeping our front lawns looking trim. 


Frank Dusterberry, manager, was a delegate to the Grand 
Lodge, Knights of Pythias, that was held this year in Santa 
Cruz. Mr. Dusterberry presented the claims of this section as 
a suitable site for the proposed Pythian Home. 

Judge Mattos, accompanied by Messrs. Dusterberry, Mathie- 
sen, and Coney, attended the grand opening of our Sunnyvale 

B a n k i t a I y Life 


branch. Centerville is also pleased to state '"it was there 1 00%" 
at the opening of the Telegraph Avenue branch in Oakland. 

Frank M. Garden, superintendent of construction on our 
new building, and M. P. Mathiesen, our assistant cashier, two 
famous fishers, have entered into an agreement to contest for 
supremacy in angling for the strong-jawed sting-ray (Mylio- 
batis Californious) under the following restrictions, to-wit: — 
that after the contest the parties hereto agree to refrain from 
any and all fabrications, prevarications, falsehoods, slanders, 
deceptions, innuendos, or other statements, calculated to injure 
the unblemished reputation of either contestant or to cause 
either of them any pecuniary loss, mental anguish or any suf- 
fering of whatsoever nature. 

Our district is boasting of sales of cherries on the trees, at 
one thousand dollars per acre, but we are keeping "mum" at 
the offerings being made on our apricots. With a record crop 
of "cots," the packers are dictating their own prices, but it 
might be well for them to remember that our orchardists have 
long memories and that "every farmer has his day." 


Our semi-annual report shows an increase of 16% in our 
deposits and 25' < in the number of our depositors. No wonder 
we have "growing pains." 

J. Temple, who was "loaned to us for 90 days," has been 
transferred to Oakland branch and our best wishes went with 
him. R. A. Millen, formerly ticket clerk with the S. P. Co. in 
Bakersfield, has taken Temple's place. Millen thinks that rail- 
road work is too "transitory" and while our friend meant that 
as a bit of humor, there are some people who see in the devel- 
opment of the automobile and of highways, the passing of the 

Marie Lambert, teller, who has been indisposed, will soon 
return to work. Miss Lambert is not related to Rose Marie 
Lambert, secretary to Dr. Giannini, president of the East River 
National Bank, but possesses many of the fine attributes of that 
young lady, whose picture we have seen and about whom we 
have heard so much. 

Jeanne Iribarne, stenographer, has decided to spend her vaca- 
tion at the "sea beach." Jeanne has not stated at what sea 
beach she will summer, but we are sure it will not be contiguous 
to Bakersfield. 


- „A, n ( tk. ( nr «f 






Head Office 

Volume 7 

JUNE, 1923 

Number 6 

The Birth of the C. B. A., 32 
Years Ago 

Interesting Account of the Opening of 
the Organization Meeting of the 
California Bankers Association, 
Wednesday Evening, March 11, 
1891, Council Chamber, New City 
Hall, Los Angeles, California. 

G. H. Stewart 

The meeting was 
called to order by 
George H. Stewart, 
Secretary of the Los 
Angeles Clearing 
House, who said: 

Bankers of Califor- 

WU nia Ladies and Gen- 

■^^^B tlemen: — For years 

H^ *M^^fe *^ e bankers of Cali- 
Bnt ^M fornia have recog- 
nized the desirability 
of an organization on 
this coast, similar in 
character to the "American Bankers 
Association," particularly adapted, 
however, to the customs and business 
methods of our people, but until re- 
cently no effort has been made to re- 
duce the opinion to practice. 

In December last the banks, members 
of the Los Angeles Clearing House, 
determined to undertake the prelim- 
inary work of forming the "Bankers 
Association of California." 

In response to their invitation you 
have come to deliberate with us and 
tonight we are here to bid you wel- 

This will be expressed in words more 
appropriate than I command, and I beg 
to introduce to you our speaker, on 
behalf of the city, Hon. Henry T. Haz- 
ard, Mayor of Los Angeles. 

Mayor Hazard spoke in his usual 
happy vein. He said that Los Angeles 

had of late been honored with many 
conventions, but none had the import- 
ant and vital matters to deal with that 
this one had. It was a sincere pleasure 
for him to welcome all of the visiting 
bankers, having, as they did, the finan- 
cial interests of the country to discuss 
and handle. The Mayor thought that 
in the struggle for life all should know 
something about the science of finan- 
ciering. This convention he thought 
would be fraught with many benefits to 
all concerned. He was glad to meet the 
distinguished gentlemen in attendance 
upon it, and again, on behalf of the 
city, he welcomed them. 

The Mayor's remarks were ap- 

Mr. Stewart next introduced Hon. E. 
F. Spence, President of the Los Angeles 
Clearing House, who delivered the fol- 
lowing address of welcome on the part 
of the local bankers:. 

Gentlemen: It gives me unfeigned 
pleasure to have the honor of welcom- 
ing the bankers of the Pacific Coast to 
the California State Bankers Convention 
at Los Angeles. 

As Chairman of our local Clearing 
House Association and Vice-President 
for California of the American Bankers 
Association, gentlemen, I bid you wel- 
come, welcome, thrice welcome, to this 
our loved city, the City of the Angels. 

May your stay here be attended with 
cheerful associations. May the impres- 
sions you receive whilst among us be 
pleasant and lasting. As a city we are 
young and growing, and hope you will 
not expect to find wisdom and maturity 
here crystalized as in other and older 
cities further east. 

We hope the result of our delibera- 
tions will be conducive of good to all. 

Bankers are only the agents of the 
people; a banker is the trusted friend 
of the depositor. The man of means, 


Bankitaly Life 


as well as the laboring man, the servant 
girl and the servant boy, who save a 
few dollars a month are comparatively 
as much interested in the character of 
our banking institutions and have as 
much at stake in the strength and sta- 
bility of our financial fabrics as the 
richest in the land. 
The Avenues to Wealth and Prosperity 

During our deliberations let the im- 
press be made that thrift, prudence, 
economy, industry, intelligence, tem- 
perance and loyalty are the true ave- 
nues to wealth and prosperity; and still 
further let the impress be made that 
genuine wealth does not consist in the 
possession of gold and silver, as these 
are only the standards by which wealth 
or property is measured. 

Let the bankers impress upon each 
other the fact that their duty is first to 
be in full sympathy with the people 
whom they serve, viz., their customers; 
and secondly, the entire community 
around them; to sympathize with those 
whom adversity has temporarily over- 
taken, and to rejoice with those whose 
lines have fallen in pleasant places and 
whose heritage is goodly; yet sympathy 
should not be foolishly overflowing, nor 
rejoicing obsequiously exuberant. 

Should not the bankers of the coun- 
try stand as sentinels upon the watch- 
towers of the nation and sound the 
alarm of approaching danger? Nay, 
not only to give the alarm, but be ready 
with brain and mental brawn to ward 
off attacks caused by communistic 
ideas generated abroad, and the foolish 
vagaries of well-meaning men at home? 

It is expected that questions of 
varied import will be presented before 
the Association and discussed fairly 
and freely on all sides. 

Asking Federal Aid 

Would it be out of place to ask our 
Federal Government to make an appro- 
priation to the State of California of an 
amount equal to the amount of gold 
that the miners extract from the moun- 
tains of the State? Such an appropria- 
tion to be used for the protection of 
our agricultural lands, the impounding 
and solidifying of the tailings from the 
mines, the control of our internal 
rivers, creating illimitable power for 
machinery, giving employment to thou- 
sands and thousands of laboring men, 
and furnishing water for irrigating 
every acre of land from the mountains 
to the sea. 

I believe it is a pertinent question, 
because unfriendly legislation and ad- 
verse legal decisions have forced our 
richest gold mines to be abandoned, 
and, should not we, as bankers, do 
everything possible to be done in order 
to add to the world's supply of gold? 
Such action by our Government would 
be of inestimable value to this State, 
to the Nation, and to the world at 

The idea may appear wild, but no 
harm can result from discussing it. 
An Uneasy Feeling 

Gentlemen, there is a feeling of un- 
easiness abroad in the land; there is an 
element of disturbance pervading the 
financial world. Russia, England and 
France seem to have felt the full force 
of the tidal wave; our own country, of 
course, had to sympathetically respond 
to the perturbation, and happily the 
Pacific Coast was only imperceptibly 
affected, and now, my fellow-bankers, 
will our voices be heard, or have we of 
the wild and rugged West any sugges- 
tions to offer? 

Let us ask the question, as the earth 
continues in a greatly increased ratio 
to yield her productions, and the con- 
sequent reproductions by arts and man- 
ufacture, have we standards of value 
enough to weigh, measure, determine 
and represent the increase? If I were 
asked to answer the question I would 
reply in the negative. 

Looking for a Remedy 

To whom shall we apply for a rem- 
edy? What nation shall we imitate? 
Whose policy shall we adopt? We may 
ask the South, the North, or the East, 
yet no satisfactory answer comes* We 
may look to the nations of the old 
world, but receive no new light. Then 
what new mine of knowledge shall we 
open, or where is it to be found? I do 
not know, I cannot tell. 

It may be in California, or some- 
where on the Pacific Coast, and I will 
give my reason for thinking it may 
be here. 

Away back, back beyond the time 
that memory or history penetrates — 
ere the mind of man began its onward 
march, we can fancy the struggling, 
the throbbing, the commencement of 
its existence, and, when human thought 
was still in a nebulous condition, We, in 
imagination, may behold its gathering 
forces; we, in imagination, may see the 
beginning of that progressive journey 
that shall never end while time en- 


Bankitaly Life 


dures; and tracing it from its dim out- 
lines in the far-away past, we now see 
it a mighty, irresistible power. 

We have always been taught, and so 
believe, that the trend of advanced 
thought has been and is in the wake of 
the setting sun. 

The Voice of the Watchman 

Friends, were you seated some still 
evening in a quiet nook on one of the 
lovely hillsides near our city, you could 
hear in the distance the waves of the 
majestic Pacific breaking upon the 
shore. You ask what and whence the 
sound. You would be told it is the 
voice of the watchman placed upon the 
barriers of the West, warning the 
picket line of the advancing millions 
of the army of civilization that thus 
far they may come, but no farther. 

We now behold the tide of enter- 
prise, aggression, thought: I might say 
civilization, turned back upon itself, 
and the field of conjecture that this 
opens to the enquiring mind is so large 
that I will not for a moment attempt to 
enter, only for the purpose of asking 
a question. 

Will it not fall to the lot of some 
Californian to devise a plan that will 
be enacted into a law that will be 
enforced by the nation and adopted by 
the other commercial nations of the 
world whereby the two precious metals 
that we produce so abundantly may be 
used as co-standards of value of com- 
modities the world over, and, at the 
same time, one may not surpass the 

The Power of Gold 

We acknowledge the power of gold; 
we admit that it is and has been the 
yardstick by which our wealth is and 
has been measured; we have conceded 
to it the first place in the world's race- 
course, but is it not possible to place a 
silver steed in harness with the golden 
in such a manner that both may 
strongly and smoothly pull together, 
shoulder to shoulder and side by side? 
I ask, is it not possible for the genius of 
the far western man to evolve a scheme 
whereby this double team may work 
together in such a manner that our 
western country may yield its millions 
upon millions of now hidden precious 
metals, our common country become 
enriched, and the world at large bene- 

Gentlemen, again I greet you in the 
name of the bankers of Los Angeles 
and hope that the State Association, 

which at this convention will be 
formed, will last always, and grow in 
influence and be a great power for 
good to all. 

An Appreciation 

Jerome A. Hart, Distinguished Califor- 
nia Journalist, Commends 
Bankitaly Life 

June 28, 1923. 
Dear Mr. Editor: 

Pray let me thank you for the num- 
ber of Bankitaly Life which you so 
kindly sent, as well as for your inser- 
tion of my portrait and the accompany- 
ing invocation to San Francisco's sum- 
mer climate. My words are heartfelt 
and quite sincere. 

I do not think San Franciscans real- 
ize what an asset they have in their 
cool summers. This is the only city in 
the world that I know of where one 
may keep cool in the dog-days. Even 
in northern cities like Petrograd, Mont- 
real, and Stockholm, the natives suffer 
greatly from the heat in midsummer. 

Your magazine is an admirable one. 
Beginning with the cover, all the num- 
bers I have seen present half-tone 
plates in color that are artistic and 
beautiful. The illustrations in black 

and white are also excellent not only 

well executed, but well chosen. The 
mingling of old-time topics with modern 
ones, of pioneer San Francisco with 
up-to-date to-day, of the historical epi- 
sodes of the Spanish explorers with the 
material achievements of the citizens of 
Italian lineage now so prominent in 

San Francisco this wide range of the 

editorial vision is most effective. 

In a recent number the photos of old 
Olympians interested me greatly. I was 
a youthful member of the Olympic 
Club at the time those pictures were 
taken, and remember with pleasure 
Lawton, then leader in the gymnasium 
and in the athletic exhibitions which 
the club gave yearly at Piatt's Hall — 
now the site of the Mills Building. It 

was a great old Club then it is still; 

but can to-day's members do the "Zam- 
pillerostation Act — the Three Flying 

Men of the Air" on trapezes swung 

far up above the spectators' heads? 
That act, and many others, used to be 
done with grace and skill by Lawton, 
Curtis, and other Olympians in the 
days of Old Lang Syne. 

Sincerely yours, 


[JUNE, 1923] 

Bankitaly Life 


The Functions of a Bank 

Indispensable Banking Services 

The organization known as a bank 
flourishes in the economic structure 
because of certain indispensable serv- 
ices it performs. Its work as a whole 
can best be visualized by an inquiry 
into the nature of these services, which 
may be classified as the deposit, the 
note-issuing, the exchange, the loaning, 
and the fiduciary or trust functions. 
These constitute the characteristic 
functions of a bank. In addition there 
are such operations as accounting, pur- 
chasing, personnel, etc., which may be 
termed the auxiliary operations. 
The Deposit Function 

The deposit function is first in im- 
portance because it prepares the basis 
for other operations. In performing 
this function the bank receives cash or 
its commonly accepted equivalents 
from its customers, and in exchange it 
gives them bank credit, that is, the 
right to draw checks against the 
amount deposited. 

The economic service of the deposit 
function consists in providing the busi- 
ness community with a convenient me- 
dium of exchange which is more desir- 
able than even the money which may 
give rise to it. As a medium of ex- 
change, money has some disadvan- 
tages, among which are the risk of its 
storage and transportation, the costli- 
ness of the basic material from which 
metallic money is made, the losses from 
wear and tear in circulation, the diffi- 
culty of tracing money as it passes 
from hand to hand, and many others. 

Economic progress has been con- 
stantly toward a more and more satis- 
factory medium of exchange. First 
barter with all its disadvantages was 
used, then metallic money, then paper 
money. Finally came the bank check 
representing the highest development. 
Under a system of exchange carried on 
by check, the holder of cash or its 
equivalent exchanges it for bank credit 

a thing without substance which, 

granting that the bank remains solvent, 
cannot be lost and which cannot waste 
away in use. To use bank credit as a 
circulating medium, the holder merely 
draws checks against his balance. 
These may be drawn in the desired 
denominations, they are drawn upon a 
material of negligible cost, and they 
may be readily transported. If lost they 

can be traced and it is next to impos- 
sible for anyone but the rightful owner 
to recover on them. Furthermore, a 
check returns to the drawer who may 
use it as a receipt for his payment. In 
countries where the system of banking 
is highly developed the greater part of 
the actual money in the community is 
to be found in the banks where it serves 
es the basis for deposit credit. The 
circulating medium consists principally 
of checks drawn against these deposit 

A bank can successfully induce its 
customers to exchange their cash or 
its equivalent for bank credit so long 
as this credit is more attractive to them 
than the actual cash with which they 
are to part. As noted in the preceding 
paragraph, a variety of factors enter 
into the attractiveness of bank credit — 
its divisibility into convenient units, its 
portability, its wide acceptability, its 
security, etc. Most important of these 
is security. 

The security of bank credit is the 
safety of the bank itself and a discus- 
sion of the elements which contribute 
to such safety would lead the present 
discussion far afield. So far as the 
depositor is concerned, the safety of 
bank credit depends upon the bank 
continually keeping on hand the where- 
withal to meet the checks which he 
may draw and its actually meeting all 
proper demands made upon it. In other 
words, depositors entrust their funds 
to the bank because they feel certain 
that they can obtain the return of an 
equivalent amount when they desire. 
Hence the bank's paying operations, 
which consist in keeping on hand a 
supply cf lawful money and in paying 
checks when they are presented, may 
be considered as a component part of 
the deposit function. 

Note-issuing Function 

If the bank under consideration is a 
bank of issue, it may make a part of 
its payments in its own bank notes. 
Then the note-issuing function comes 
into operation. In the United States a 
national bank may exercise this func- 
tion by purchasing and lodging as 
security with the United States Treas- 
ury, government bonds of certain 
issues. It is then permitted to issue its 
notes in an amount equal to the par or 
market value of the bonds, whichever 
is lower, provided the amount of such 

{Continued on page 9) 

Market and Kearny Streets, San Francisco, showing our Market-Geary Branch in June, 
1923. See half-tone on page 6 of this issue, depicting this site as it appeared in 1870, 
fifty-three years ago. 

QUNE, 1923] 

Bank italy Life 


{Continued from page 7) 

issue does not exceed the paid-in cap- 
ital of the bank. While the privilege 
of note issue is used more or less exten- 
sively by the national banks of the 
country, this function is gradually 
being taken over by the federal reserve 

The Exchange Function 

The exchange service performed by 
a bank may be explained by illustra- 
tion. Let it be supposed that a mer- 
chant in St. Louis, Missouri, has pur- 
chased a bill of clothing amounting to 
$6,000 from a New York manufac- 
turer. When the bill falls due the 
buyer settles by sending the New York 
manufacturer his check drawn upon a 
St. Louis bank. This check is St. Louis 
funds, i. e., it is payable in St. Louis, 
and without the exchange service of 
banks the holder in New York would 
be put to the inconvenience of either 
sending the check to St. Louis and 
having the bank there ship him actual 
money, or of searching New York until 
he found someone who owed a debt in 
St. Louis and was willing to purchase 
the check for the purpose of making 
remittance. Under a system of highly 
developed exchange carried on by the 
banks, the holder of the check is put 
to no such inconvenience. He merely 
deposits it in his New York bank. He 
receives New York funds in exchange 
for it, i. e., the right to draw checks 
against the New York bank to a corre- 
sponding amount, less, perhaps, a 
small fee, and he is not concerned fur- 
ther with the transaction except for his 
contingent liability as an indorser on 
the check. 

The exchange transaction may take 
a variety of forms. If the payment 
must be made in haste the buyer might 
have his local bank telegraph its New 
York correspondent to pay the creditor 
the desired amount. Again he might 
purchase a draft drawn on a New York 
bank and remit it to his creditor. In- 
stead of the St. Louis merchant taking 
the initiative and sending a check, the 
New York merchant may draw a draft 
on him for the amount of the indebted- 
ness. The drawer of the draft would 
then leave it with his local bank for 
collection. Transplant the St. Louis 
merchant to Rio de Janeiro, Brazil, and 
foreign exchange arises. Yet the prin- 
ciple is the same in all cases. The 

bank makes local funds available in 
exchange for distant ones, or vice versa. 
The exchange transaction may in- 
volve the mere bridging of distance, as 
in domestic exchange. In performing 
the foreign exchange function, how- 
ever, the exchange transaction has a 
wider significance. It involves not only 
bridging distance, but also differences 
in monetary standards and national 

In the aggregate the exchange opera- 
tions of banks perform the highly use- 
ful service of clearing international and 
inter-sectional claims and credits. Let 
the exchange transaction between the 
St. Louis and the New York bank 
mentioned above be considered again. 
It has been noted that the New York 
bank exchanges New York funds for 
St. Louis funds. These St. Louis funds 
it converts into New York funds by 
charging the account of a St. Louis 
bank or by receiving a remittance in 
New York funds from St. Louis. Were 
such transactions to continue in this 
one-sided way, the supply of funds 
standing to the credit of the St. Louis 
bank would soon be exhausted and it 
would be necessary for it to ship money 
to New York. The transaction is not 
one-sided, however. Customers of the 
St. Louis bank are constantly present- 
ing claims payable in New York to their 
local banks in exchange for local funds. 
These are sent to New York, where 
they are applied to building up the 
balance to the credit of the St. Louis 
bank, i. e., its supply of New York 

If now the illustration be extended 
to include the exchange dealings of the 
banks of a whole community or coun- 
try with those of another, it is apparent 
that the claims of the one are made to 
offset those of the other. Only balances 
need be settled by shipments of money. 
If, as is usually the case, the claims 
tend in the long run to be equal, it 
will be unnecessary to ship money 
at all. 

The Loan Function 

When a bank exchanges present 
funds for future funds the transaction 
is a loan or a discount. Consider again 
the situation of the New York manu- 
facturer. In the fall he may need to 
make outlays for materials and labor in 
order to manufacture for the spring 
demand. If he is a progressive business 

{Continued on page 11) 

{JUNE. 1923] 

Bankitaly Life 


{Continued from page 9) 
man he may desire to expand his busi- 
ness beyond the limitations of his own 
funds. He raises the needed funds by 
borrowing at his bank. On the strength 
of its estimate of his honesty and his 
ability as a business man the bank 
loans him the required amount, taking 
in exchange his note drawn to mature 
when the manufactured product is sold 
and the proceeds of the sale are 

Strictly speaking, the bank's eco- 
nomic service here is that of exchang- 
ing present funds for future funds 

that of bridging time. Under the capi- 
talistic system of production there is 
an interval of time between the outlay 
and the income. The manufacturer 
makes outlays for materials and labor; 
later he receives the proceeds from the 
sale of finished goods. The merchant 
makes his outlay for merchandise at 
wholesale, and after paying wages and 
expenses of exhibiting and selling the 
goods, he is reimbursed by their sale. 
In the spring the planter makes his 
outlay for cotton seed, and during the 
summer for labor, expecting the whole 
outlay to be returned in the fall in the 
form of the ripened crop. It is in 
bridging this characteristic gap be- 
tween the outlay and the income of 
funds used for production that the 
bank performs one of its chief eco- 
nomic functions. 

In exercising this loaning function a 
bank goes beyond the mere bridging of 
time. It places the funds of those who 
are not disposed to use them at the 
disposal of those who are. Persons who 
have funds which they are not using 
temporarily, deposit them with some 
bank, possibly on a time arrangement. 
The bank uses these idle funds as a 
basis for supporting loans to those who 
need funds to carry on their opera- 
tions. Thus, in the first place, the full 
usable capital of the community is kept 
constantly employed. In the second 
place, the handicap of a relative lack 
of capital is removed from those who 
otherwise are equipped to succeed in a 
business way. 

Herein lies perhaps a bank's greatest 
service, and at the same time its heavi- 
est responsibility. Under a system of 
free banking it may be said that no 
man need be seriously restricted in his 
economic endeavor by lack of capital 

alone. If he is worthy of trust, if his 
enterprise is legitimate and well chosen, 
there is always a bank willing to ad- 
vance him the funds he needs. The 
fact, however, that a bank uses the 
funds of others to whom it must ac- 
count for every dollar, demands that 
each enterprise which it stands behind 
in a financial way be chosen with un- 
erring judgment as to its successful 
outcome. This very fact operates 
toward the economical employment of 
the funds of the community in success- 
ful enterprise. It is a check against 
misguided projects with their resultant 
waste of capital. 

Finally, in exercising their loaning 
function banks add to the volume of 
funds available for use in the com- 
munity. They act as manufacturers of 
usable funds. To illustrate this service 
of a bank, a hypothetical case may be 
considered. Suppose that a bank begins 
business with a capital of $1,000,000 
and a surplus of $100,000 fully paid 
in cash by the stockholders. Its finan- 
cial position would be: 

Cash Capital and Surplus 

$1,100,000 $1,100,000 

Owing to the business reputation of 
the incorporators and to the conven- 
ience of having funds in the form of 
bank credit, it can be assumed that this 
bank will attract net cash deposits of 
perhaps $4,000,000. That is, custom- 
ers of the bank would leave on deposit 
with it on the average of $4,000,000. 
Under these circumstances the bank's 
financial position would show: 

Resources Liabilities 

Cash, $5,100,000 Capital and Surplus 
De P osits$4,000,000 

Thus far the function of the cash, 
$5,100,000, shown on the asset side of 
the statement is solely to act as a 
reserve fund to meet checks drawn 
against the $4,000,000 deposits on the 
liability side. It is apparent that this 
amount is far in excess of requirements. 
At no one time will all the depositors 
withdraw their balances in full. The 
bank needs to keep on hand only an 
amount of cash slightly in excess of 
what they do withdraw. Each bank 
arrives at this figure by experience 
and expresses it in the form of a ratio 
termed the "reserve ratio." Let it be 
supposed that the hypothetical bank 

{Continued on page 13) 

Three Californians, well known in banking circles, on board walk in front 
of Ambassador Hotel, Atlantic City, on their way to Annual Convention, 
Associated Advertising Clubs of the World. Left to right, Wm. H. McGinnis, 
Jr., Geo. P. Edwards, W. W. Douglas. 

[JUNE, 1923] 

Bankitaly Life 


{Continued from page 11) 

decides upon a high ratio of 20 per 
cent. Then it would need to keep on 
hand a reserve of 20 per cent of 
$4,000,000 (the amount of deposit lia- 
bility outstanding), or $800,000. From 
its balance sheet shown above, the idle 
cash would be the difference between 
$5,100,000, the cash actually held, and 
$800,000, the cash needed as reserve, 
or $4,300,000. 

The bank now begins to engage in 
the loaning business. Suppose every 
borrower asked for and received cash 
at the time his loan was made. The 
capacity of the bank to carry loans 
would be $4,300,000 and its balance 
sheet would be as follows: 


Cash $ 800,000 

Loans and Discounts 4,300,000 


Capital and Surplus $ 1 , 1 00,000 

Deposits 4,000,000 

As a matter of fact borrowers do not 
desire actual cash. They take credit on 
the bocks of the bank, which has the 
same attraction for them as for those 
who actually deposited cash in ex- 
change for bank credit. Loans build up 
deposit liability. Let it be supposed 
that those who are borrowers at the 
bank receive credit on its books for the 
full amount of their borrowings, and of 
the amount so credited ($4,300,000) 
they maintain average balances of 
$2,000,000. The position shown in the 
preceding paragraph would now be 
changed to: 


Cash $2,800,000 

Loans and Discounts... 4,300,000 


Capital and Surplus .....$1,100,000 

Deposits 6,000,000 

The bank now has a deposit liability 
of $6,000,000 against which it holds 
$2,800,000 cash, not to mention loans 
and discounts which will mature shortly. 
Its experience shows that it needs only 
20 per cent of $6,000,000, or $1,200,- 
000 cash, instead of the $2,800,000 
which it holds. There is, therefore, an 
excess of $1,600,000. On the basis of 
$1 reserve cash to each $5 of deposits 
liability, this excess is sufficient to sup- 
port additional loans to the amount of 

$8,000,000 more and the bank's finan- 
cial position becomes: 


Cash $ 2,800,000 

Loans and Discounts 12,300,000 


Capital and Surplus $ I , I 00,000 

Deposits 14,000,000 

This illustration is not given with 
the object of showing the true loaning 
capacity of a bank. It omits many 
factors which must be taken into con- 
sideration. The idea is rather to show 
that a bank makes more funds avail- 
able for the community than it actually 
has entrusted to it. In the illustration 
the bank has the use of only $5,100,- 
000 actual cash. This is safely ex- 
panded into loans and discounts 
amounting to $12,300,000. In other 
words, the business community, includ- 
ing its own shareholders, entrusts the 
bank with $5,100,000 and this same 
community receives in return the use 
of $12,300,000. 

Fiduciary or Trust Functions 

On account of their experience and 
fitness for handling financial affairs, 
many banks act in a fiduciary capacity 
for their clients. In exercising this 
function the bank becomes the holder 
of property which it is to use accord- 
ing to the instructions of the trust. 
Property is kept productive without 
wastage and the principal as well as 
the increment is applied impartially 
according to the desires of the person 
who entrusted it to the bank. The eco- 
nomic service rendered is that of per- 
petuating the will or desires of those 
who have property. The corporate 
mind of the bank with its fairness, its 
permanency, its skill, and its firmness, 
is substituted for the perishable human 

Auxiliary Operations 
The functions so far described may 
be termed the characteristic banking 
operations. In any business organiza- 
tion, however, there are in addition to 
its characteristic functions certain op- 
erations which must be performed to 
facilitate the characteristic ones. These 
auxiliary functions are accounting, pur- 
chasing, employment, research, corre- 
spondence, organization, administra- 
tion, etc. While they vary in different 
types of business, their essentials are 
{Continued on page 15) 

[JUNE, 1923] 

Bank Italy Life 


{Continued from page 13) 

the same with all. These operations are 
also found in a bank. 

Summary of Banking Functions 

In summary it may be said that a 
bank is chiefly a manufacturer of 
credit. Its raw material is the credit 
instrument held or produced by its cli- 
ents. In their raw state these instru- 
ments have certain undesirable features 
which induce their holders to part with 
them. They may be payable in the 
future when present funds are wanted. 
They may be payable in a foreign 
monetary unit when domestic funds are 
wanted. They may be payable at some 
distant point when local funds are de- 
sired. A holder may have money when 
deposit credit would serve his purpose 
better. In exchange for all these forms 
of raw material the bank gives its own 
credit, in 'whatever form is most useful 
to the particular client. 

{Courtesy National City Bank.) 

A Questionnaire for 
Prospective Bond Salesmen 

What is your golf score? (1922 

State the difference between good 
bonds and bonded goods. 

What type of security would you 
offer to 

(a) a widow? 

(b) a grass widow? 

(c) a clergyman? 

(d) a fraternity brother? 

What preliminary steps would you 
take to swing a deal in Canadian non- 
refillable 12-s? 

Indicate, in your own words, some 
of the differences between a gilt edge 
and a silver lining. 

What clubs do you, or might you, 
belong to? 

Who said: 'Give me Liberties or give 
me death!'? 

State at least three arguments 
against knitted ties. — Life. 

F. Latini. 

James Raggio, Manager Columbus 
Avenue branch, climbed a tree on June 
first to announce to the world that 
"Columbus was now a million dollar 
baby," the deposits at that branch hav- 
ing reached the sum referred to on 
the date mentioned. But Jim is not 
satisfied and is already striving to reach 
the "two million limb." Good luck to 
you Giacomo. 

A Ring, Anyway. "Auntie, were you 
ever proposed to?" 

"Once, dear, a gentleman asked me 
to marry him over the telephone, but 
he had the wrong number!" 

General of the Armies 

July 7, 1923. 

Mr, Philip J. Iawler, 

Editor, Bankitaly Life, 
Bank of Italy, 

San Francisco, California* 

My dear Mr. Lawler: 

Your cordial letter of June 28th, 
enclosing the photograph and "booklet, has 
"been received, and I desire to express to 
you the assurance of my deep appreciation of 
your courtesy. 

Please accept for yourself and 
extend to the veterans of the imerican 
Expeditionary Forces on the staff of the 
Bank of Italy my very test wishes and kindest 

On June 28th we sent General John J. Pershing a photograph showing 
15 world war veterans, members of our staff, gathered about the Pershing 
statue in Golden Gate Park. We also sent the General a copy of Bankitaly 
Life in which the photo referred to was reproduced. The above is a facsimile 
of General Pershing's gracious reply. 

[JUNE, 1923; 

Bank Italy Life 


Head Office News 

O. Sehested, trust department, has 
just been awarded the standard certifi- 
cate of the American Institute of Bank- 
ing, having completed the course in 
one year. Academic honors are not a 
new experience for our versatile trust 
accountant. Included among the for- 
midable array of degrees that already 
adorn his name, are A. B. and J. D. 
from the University of Copenhagen, 

Charles J. Massoletti of our city cash 
collection desk pays the following 
tribute to California, showing that 
Charlie can give rhythmical expression 
to his thoughts. 

Land of fair rivers gliding by, 

Of the forest tall and the precious 
Of ocean wide and mountain high, 

Mocking the storm and the thunder 
Of barren desert that yet shall bloom, 
Of treasures hid in thy mines of 
Of product of field and vine and loom, 
Thy story remains as yet untold. 

Marion Kreiss, formerly of our filing 
department, but more recently at our 
Market-Geary branch, was married on 
June 20th to William Rhinehart. The 
orderly manner in which Marion kept 
our correspondence files, makes us feel 
sure that Mrs. Rhinehart will make an 
ideal housekeeper and we congratulate 
Bill on his good fortune. 

Herman A. Nater, assistant vice- 
president, was born on June 1st, 1883, 
the same day on which the Crocker 
National Bank, then the Crocker Wool- 
worth Bank, commenced business. An- 
other event of importance occurred on 
that day (possibly a few days before), 
the dedication to public service of the 
great Brooklyn Bridge, after which 
nothing of moment happened for 2 1 
years. Then the Bank of Italy opened 
its doors. 

On June 2 7th, the second anniver- 
sary of the dedication of our new head 
office, a telegram was sent by the "head 
office boys" to President Giannini con- 
veying their greetings in commemora- 
tion of that happy event in 1921. In 
his gracious acknowledgment Mr. Gian- 
nini said incidentally that he was sorry 
to note the "girls" had not joined with 
the "boys" in their salutation. Then 
Miss Storm of our telegraph depart- 

ment, on behalf of her feminine co- 
workers and with their unanimous con- 
sent, wired our President assuring him 
that the women of the bank would not 
yield to any set of men in their loyalty 
towards our Bank's Chief. To this our 
leader confessed a positive relief, for in 
having the ladies with him, he said, 
"Who can be against me?" 

James D. Phelan, former U. S. Sen- 
ator from California, has written us 
tendering his appreciation for the in- 
clusion of his address on "Verdi" in a 
recent number of Bankitaly Life. Sen- 
ator Phelan also praised the "general 
excellence" of cur house organ. 

We are also pleased to state that 
Fred Dohrmann, Jr., President of the 
Board of Education, gratefully ac- 
knowledged a recent issue of Bankitaly 
Life containing interesting chapters in 
relation to the early history of Cali- 
fornia. Mr. Dohrmann said that he 
intended keeping our publication in his 
reference library, no small compliment 
to our little book from the head of San 
Francisco's educational system. 

Alfred Fenton, inspector and acting 
personnel officer, celebrated the twelfth 
anniversary of his marriage on June 
20th. Alfred accepted for Mrs. Fenton 
and himself the good wishes of his col- 
leagues in that quiet, debonair manner 
so characteristic of our friend as he 
greets applicants for positions and later 
sends them on their way rejoicing in 
the fact that they have at least met a 
gentleman, in their quest for employ- 

When Mrs. William Gibbs McAdoo 
visited the head office recently in com- 
pany with her husband, our General 
Counsel, a member of our staff mistook 
Mrs. McAdoo for "Miss Marguerite 
Gibbons," formerly of this office, who 
is now at our Los Angeles branch. This 
has caused us to think that the remark- 
able resemblance of these two splendid 
women must be at times embarrassing 
to them in Los Angeles, where both are 
familiar figures. 

June 12th was the birthday of W. H. 
H. Snyder, our chief examiner. On his 
arrival at his desk that morning he 
found it covered with choice flowers 
from his co-workers, besides which 
there were letters and telegrams from 
those who could not be present to 
felicitate William Henry Harrison. Sev- 
eral of our office boys, who knew of 
Rockefeller's generosity to children on 
each of his recurring birthdays, stood 


Bankitaly Life 


for awhile about Bill's desk on June 1 2, 
thinking that he would, like John D., 
hand out a few dimes to the kids, but 
he "shoe-d" them away, did Bill Snyder 
on his natal day. 

John Perazzo, one of the first stock- 
holders of the Bank of Italy, passed 
away several weeks ago at the age of 
75. "Little Johnnie," as he was famil- 
iarly known, enjoyed the distinction of 
having sold newspapers in 1859 on the 
corner of Montgomery and Washington 
streets, where 45 years later the Bank 
of Italy opened for business. Our de- 
ceased friend was a man of sterling 
character and his demise brought forth 
a flood of interesting recollections of 
his romantic career. Among those who 
attended the funeral services were L. 
Scatena, chairman of our Board of 
Directors, and Mrs. George Caglieri, 
wife of the first cashier of the Bank 
of Italy. 

Fresno Branch 

Few men have con- 
tributed more to 
Fresno's material de- 
velopment than Colo- 
nel Forsyth, whose 
picture we submit. In 
1896 this gentleman 
began making com- 
mercial use of ma- 
chinery to remove 
seed from raisins, 
working in conjunc- 
tion with Mr. Pettit, 
inventor of the raisin 
seeder. Through their joint efforts 
about 700 tons of seeded raisins were 
placed on the market at the end of the 
first season. This seeded raisin industry 
has since grown by leaps and bounds, 
until now it is one of the most import- 
ant horticultural activities in the entire 

Assuming that our readers would 
like to know something of the com- 
parative food value of raisins, we are 
pleased to state that a pound of raisins 
is equal in nutriment to six pounds of 
apples, 4% pounds of potatoes, 4 
pounds of milk, 2 pounds of eggs, 1 J/3 
pounds of beef and "yes" 5 pounds of 

Col. Forsyth 

San Pablo Avenue Branch 

We are about to celebrate our first 
anniversary as a branch. With three- 
quarters of a million dollars in deposits, 
over two thousand accounts and a very 
"fertile" banking field, we look forward 
to our future with complacency. 

Claude Gerdes has joined our staff 
and his assistance is particularly wel- 
come during those "rush" moments 
when we have to serve a large number 
of clients in a short space of time; you 
know, those "multum in parvo" periods. 

Louis Delucchi, "manager" of our 
safe deposit department, has returned 
from a visit to Portland. Louis saw the 
beautiful Columbia River, which he 
says does not compare with our Oak- 
land Creek as a commercial waterway, 
while the much vaunted Portland rose 
"has nothing" on our Alameda County 

Howard B. White, manager, and 
Charles Robertson, new business de- 
partment, attended a recent luncheon 
of the Emeryville Industries Associa- 
tion. Howard and Charley entertained 
by singing and like Walter Kennedy, 
manager at our Telegraph Avenue 
branch, "got away with it," without 
even a rehearsal, because of their inti- 
mate knowledge of "notes." 

Oroville, Rideout Smith 

Gladys Strang, respected member of 
our staff, has been transferred to our 
women's banking department at Los 
Angeles. We were sorry to lose this 
very faithful associate. 

The Achaean Club, organized by the 
employees of our branch in Marysville, 
has gained a foothold here and is grow- 
ing in popularity. 

L. L. Green, our assistant vice-presi- 
dent, is on his annual summer vacation 
in Oregon, where the almost continuous 
rains of that region serve to keep the 
country "green." Wonder if that is 
why our A. V. P. loves Oregon so. 

Messrs. Hansen and Dealey go fishin' 
every Sunday and bring back the 
"limit," but John Boyle, our manager, 
has all local fishermen "beat a mile." 
It seems that Johnnie's friends always 
keep him well supplied with this class 
of vertebrates so that our "mgr" can 
give all his spare time to his cherry 

19 2 3] 

Bank Italy Life 


Merced Branch 

Mr. and Mrs. D. J. Hartsough 

We have come into possession of this 
interesting picture taken at the time 
that D. J. Hartsough, our assistant 
cashier, and his charming little wife 
were leaving Merced on their honey- 
moon. This happy union is unique in 
the history of matrimonial alliances, for 
the bride, Miss Oneto, former assistant 
cashier, not only parted with her name, 
but surrendered her bank title to the 
fine young gentleman whose joyful ex- 
pression in the above picture is but an 
outward manifestation of his pleasure 
in having won a most excellent young 
lady. In fact the groom maintains that 
Mrs. D. J. Hartsough is par excellence. 

International Branch 

O. K. Cole, former chief clerk, has 
been advanced to the position of assist- 
ant cashier and we are all pleased at 
this recognition of our good friend 

Our annual picnic was held June 24 
on the grounds of the Vacquero Club, 
Hollywood, where a barbecue dinner 
was served. This event was unques- 
tionably one of the happiest ever staged 
by a branch of our bank. 

Among our distinguished guests at 
the outing were President Giannini and 
Chairman Scatena of the Board of 
Directors, two gentlemen who have 
watched our bank grow in less than 19 
years from a small organization of but 
four men to a mighty banking system. 

Frank Longo, chairman of the picnic 
committee, was showered with compli- 
ments, because of the very successful 
outcome of this affair, but Frank insists 
it was because of the hearty coopera- 
tion of his associates that the gathering 
was such a notable achievement. 

The young ladies of our branch fur- 
nished the cakes for this outdoor enter- 
tainment and there was an exciting 
contest to determine the best cake. All 
the young men present wanted to be 
"judges" of the cakes, for they knew 
that, as such, they would be entitled to 
"sample" all of them. The contest was 
declared a "draw" by the "judges," 
who asked that they be given another 
opportunity, at an early date, to pass 
on the merits of another batch of culi- 
nary compositions. 

Mrs. Newlywed: "Oh, Jack, you left 
the kitchen door open and the draught 
closed my cook-book, and now I have- 
n't the faintest idea what it is I'm cook- 

Market-Geary Branch 

Fred Kronenberg, our vice-president, 
who has been indisposed, is convalesc- 
ing so rapidly that he will soon be with 
us again. 

Our branch, although but two years 
old, is doing such a satisfactory busi- 
ness that we now have twenty-six mem- 
bers on our staff, including Messrs. 
Praetzel and Walsh of the head office 
new business department. 

Our recent picnic at Congress 
Springs was a great success. We are 
indebted to our old pal A. Armanino, 
now chief at the Bay View Branch, for 
the excellent manner in which he super- 
vised the cuisine. 

A. H. Kleinhans, vice-president, has 
stimulated the growth of our safe de- 
posit department. 


Bank italy Life 


Thos. Flint, Jr. 

Hollister Branch 

Former State Sen- 
ator Thomas Flint, 
Jr., of our staff, is an 
interesting gentle- 
man. He is the son 
of Dr. Thomas Flint, 
highly respected pio- 
neer citizen, who be- 
longed to the ninth 
generation of one of 
the first settlers in 
America. Our es- 
teemed co-worker 
was born in San Juan, 
San Benito County, and graduated from 
Dartmouth College with the degree of 
A. B. He afterwards received the de- 
gree of master of arts at this great seat 
of learning from which Daniel Web- 
ster, eminent American statesman, also 
graduated. Senator Flint says that 
Thomas Carlyle once described Web- 
ster as the "notablest of America's 
notabilities, who as a logic fencer or 
parliamentary Hercules, one would be 
inclined to back against all the world." 
A few years ago, there appeared in 
Bankitaly Life, a brief allusion to Web- 
ster's prophetic vision to which he gave 
utterance on December 21, 1820, the 
200th anniversary of the Pilgrim 
Fathers' landing. He pictured to the 
minds of his hearers the assemblage 
that would in 1920, one hundred years 
later, gather to honor the memory of 
the Pilgrims and survey the progress of 
the century. 

"We will anticipate and partake 
the pleasure with which they will then 
recount the steps of New England's 
advancement," he said. "On the morn- 
ing of that day, although it will not 
disturb us in our repose, the voice of 
acclamation and gratitude commencing 
on the rock of Plymouth shall be trans- 
mitted through millions of the sons of 
the Pilgrims until it loses itself in the 
murmurs of the Pacific seas." 

Excited Man: "I would like to see 
the president." 

Secretary: "Not now, sir, sorry, but 
he is at dinner." 

Man: "But, my man, my errand is of 
vital importance." 

Secretary: "It can't be helped, sir; 
His Honor is at steak." — Phoenix. 

Oakland Branch 

Through a typographical error in 
the March number of our house organ, 
a little inaccuracy crept in. In the 
second paragraph of our contribution, 
it appeared as if our branch had taken 
over "the entire second and third floors 
of our building." As a matter of fact, 
all that we acquired was a "part" of 
those floors where our bond, trust and 
new business departments now function. 
Of course, we hope eventually to use 
not only the second and third floors, 
but the building itself, including the 
roof, whereon to enjoy at noon in 
silence "the brief sabbath of an hour." 

Oswald Allison, our chief clerk, is 
naturally very strong for system, meth- 
od, regulation or "order" if you will, 
which he agrees is "Heaven's first 
law." Oswald emphasizes the necessity 
for order in our daily avocations by 
citing "nature," as manifested in the 
starry domains, in the seasons, the sow- 
ing and the reaping, springtime and 
harvest, in which is portrayed an un- 
failing law of order, continually in 
operation. Order, he says, implies in- 
telligence. Even as the workman is 
greater than that which he creates, so 
is the Supreme Intelligence responsible 
for the existence of such orderly laws 
of nature, greater than these laws. It 
is always so. Principle is a fundamental 
or basic truth, a governing law. One 
who lays down such principles for 
guidance must of necessity be greater 
than those principles or governing laws 
of conduct. 

Los Angeles, Commercial 
National Bank 

W. A. Bonynge, our president, is 
about to leave for an extended Euro- 
pean tour. His very name suggests an 
appropriate parting salutation "bon 

The rapid increase in our business 
has made it necessary to increase our 
capital by $500,000 and our surplus by 
a like amount. 

Five assistant cashiers have recently 
been appointed: — Walter H. Hodell, 
chief clerk; E. J. Lanner, note depart- 
ment; G. E. Curran, foreign depart- 
ment; Harry E. Hardy, credit depart- 
ment. In line with the policy of the 
Bank of Italy to recognize its women 
by conferring official titles on them, 
Miss Ida Engberg has also been ap- 
pointed assistant cashier. 


Bank italy Life 


Hanford Branch 

J. M. Hanford 

Having heard that 
Bankitaly Life has 
been investigating the 
origin of the name 
"Hanford" as applied 
to our city, we desire 
to submit, briefly, 
what we believe is 
the true version in 
connection with the 
naming of this com- 

Our townsite was 
laid out by the South- 

ern Pacific Company in 1877, when, 

we maintain, it was called "Hanford 

in honor of the auditor of the railroad branch have been elected as delegates 

company at that time, James M. Han- t o the State Convention of the U. A 

almost as much in the public eye as a 
fire house. 

We would be recreant in apprecia- 
tion if we did not acknowledge the 
special protection accorded us by the 
Captain and staff of the northern police 
station of Oakland, during the occupa- 
tion of our temporary quarters, without 
which we might have been an easy prey 
to the "basely acquisitive. 

Idora Park, our near-by playground, 
is to install a powerful searchlight, hav- 
ing five hundred million candle power. 
Its rays will be seen away out on the 
Pacific Ocean, where our clients among 
incoming travelers may associate this 
great light with the Telegraph Avenue 
branch, Bank of Italy, because of its 
propinquity to Idora. 

Mary Sacco and John Campi of this 

ford, whose picture herewith many 
will recall as a splendid likeness of a 
good citizen. 

There are people, however, who 
maintain that our city was named for 
Charles Hanford the actor, whose 
father was a pioneer friend of Stanford have no bananas, 
and of other prominent railroad men 
who took a very deep interest in the 
career of the son. It was therefore 
decided, according to some authorities, 
to name the future county seat and 
chief city of Kings County after the 
youthful Thespian. 

We would like to have this important 
matter settled for all time, so will 

O. D. The association of these two 
names recalls thoughts of the time when 
"Mary and John" was a popular ballad. 
It was not a classic, to be sure, but 
how superior to that terrible infliction, 
now going the rounds, "Oh yes, we 

College Avenue Branch 

;reatly appreciate any data from au- 
thoritative sources, that bear on this 
subject, in order that we may "give 
honor to whom honor is due." 

The "Claremont Press" has just pub- 
lished the following reference to the 
purchase of a lot on which a new Bank 
of Italy headquarters for this district 
will soon be erected. 

The good news has been broadcasted 
by W. P. Spratt, manager of the Col- 
lege Avenue branch of the Bank of 
Italy, that California's largest bank has 
closed negotiations for the purchase of 
the gore lot at the corner of College 
and Shafter avenues, as a site for its 
permanent home in this section. 

The consummation of this deal means 
that one of the best and most modern 

Telegraph Avenue Branch 

When our new building was opened 

to the public all of this part of Alameda branch buildings in any of the east bay 

County, known as Temescal, turned 

out. Local business houses and banks 

sent floral decorations that proved to 

be an artistic setting for the animated 

scenes incident to the reception. 

Since we have taken possession of 

our new home, our neighbors have not 

been permitted to "forget" our pres- 
ence, for the American Bank Protective 
Company has been installing its burglar 
alarm system. This of course involves 
the testing of gongs, besides which 
there have been some "inadvertent" 
alarms, therefore our branch has been 

cities will be erected as soon as plans 
and specifications can be prepared. 

Manager Spratt stated that nothing 
definite could be given out at present 
regarding the size of the proposed 
building, but the bank officials are all 
agreed that the structure will be a 
credit to our district. 

There will be a well equipped depart- 
ment to care for women depositors and 
special attention is to be given to the 
safe deposit vaults, which will be fur- 
nished with the latest devices to insure 
safety and convenience. 


Bankitaly Life 


Centerville Branch 

Our new 
is making 

Henry Duster- 

such fine 
that the 
stream of travelers 
passing through this 
town are already 
commenting favor- 
ably on its classic 

Centerville's pub- 
lic library that once 
stood on the site of 
our new home is his- 
toric, for it was the 
"pioneer" among the 

general stores of Centerville. In this 
famous old "rendezvous" great ques- 
tions used to be discussed and natu- 
rally the very first important theme 
was in reference to the admission of 
California into the Union, on Septem- 
ber 9, 1950, for it was in the spring of 
this year that the first white settlers 
located within the present limits of our 
town. They were George Lloyd, an 
Englishman, and Frank Pepe, an Ital- 
ian. Mr. Lloyd lived for a while in a 
tent alongside of the road, where he 
dispensed refreshments to weary trav- 

The Civil War also provided live 
subjects for the "boys" who sat around 
the quaint old store, on cracker boxes. 
One of the leading "debaters" was 
young Henry Dusterberry, father of 
our manager, who lived in Centerville 
for 5 7 years. Henry was a public- 
spirited citizen and an ardent supporter 
of educational movements. He served 
Alameda County faithfully for many 
terms as a supervisor and when he 
passed on, was the last of the Wash- 
ington Township Pioneer Society to 
join the "innumerable caravan. 

That Centerville has, since its in- 
ception, been strong for education, 
must be evident from the fact that our 
original school was established here 7 1 
years ago, only three years after the 
first public school in California was 
opened on the Plaza in the city of San 
Francisco, one block from the Mont- 
gomery Street branch of the Bank of 

Los Angeles, Broadway 

We opened for business on March 
26th, and when we closed our books 
on June 29th, had over three million 
dollars on deposit, an average gain of 
one million a month. At this rate one 
does not need to be a prophet to fore- 
tell which branch of our banking system 
has the most promising future. 

We join with the staff at San Pedro 
in congratulating W. Gregory Cuppa 
on his marriage to Miss Blanche Co- 
rinne Skinner. Mr. Cuppa will hence- 
forth be associated with this branch as 
an assistant manager. 

A very beautiful young lady from 
Monrovia "whose sunny locks hang on 
her temples like a golden fleece" has 
caused a very perceptible fluttering of 
hearts about the desks of chief clerk 
Flynn and and of statement clerk 
Becker. As we write, honors are about 
even, but Becker claims to be "two 
smiles" ahead of Flynn. 

Ashley Gould is trying to form E 
baseball team and he may succeed be- 
cause of his intimate acquaintance with 
Arnold Gamboni, assistant vice-presi- 
dent at Montgomery Street, with whom 
Gould was formerly associated. You 
know "Gam" knows all about baseball 
and "calls" strikes with as much facil- 
ity as he "calls" notes of recalcitrant 

Emma R. Holland has returned from 
a vacation spent up north, where she 
visited old friends at the head office 
and at the S. A. C. Emma thinks that 
San Francisco is a very "promising 

A week-end fishing party is being 
organized at this branch with the fol- 
lowing crew: Admiral Dinning, Vice 
Admiral Holcomb, Captain Gould, 
Commander Haskins, Lieutenant Hou- 
ser, Ensign Anthony. This long list of 
officers reminds us of the lineup in the 
old Mexican Navy, when every other 
sailor had a title. 

O. Austad, formerly assistant man- 
ager at this branch, has been appointed 
manager at Ventura and H. R. Erkes, 
our manager, has been named as a 
member of the advisory board at the 
same branch. Congratulations to Olaf 
and Herman. 

H. J. Pye, assistant manager, recently 

19 2 3] 

Bank italy Life 


attended "battle practice" on board the 
U. S. S. Pennsylvania. This privilege 
was extended to Mr. Pye because his 
brother, Commander W. S. Pye, is 
Executive Officer on the big battleship. 
Hugh says that after this experience 
he does not fear earthquakes. 

Staff brevities: E. M. Toscanini, 

former teller, note department, is now 
assistant cashier in charge at San Pedro 
and A. M. Gould has taken his place 
here, while A. McGregor is at our col- 
lection desk. Miss Price of our 

stenographic department having de- 
cided to return to her old home in 
Toronto, Miss Marye Sullivan has been 

appointed to succeed her. Mark 

Suglian, until recently at our exchange 
desk, is now at San Pedro branch, 
where he confines his activities to 
"business extension" work. Messrs. 
Barcal and Torelli are purveying drafts 
and checks where Mark once func- 
tioned. Charles F. Grondona, di- 
rector, while en route from the east, 
called here. We were very glad to meet 

Charlie again. Frank J. Carlisle, 

member advisory board, is in Europe 

on a vacation. Our Miss Norma 

McDonald is also on a vacation, but not 
in Europe. Norma is at Riverside. 

Montgomery St. Branch 

Nelson Y. Yue of our Chinese depart- 
ment is preparing a treatise on "Bank- 
ing Systems in China." Yue is a gradu- 
ate of Stanford University and his 
coming article will no doubt be interest- 
ing and scholarly. 

Angelo Ferroggiaro, vice-president, 
recently invited a few of his friends and 
associates to his country home near 
Healdsburg, where assistant vice-presi- 
dents Ed. Walter and Vic Caglieri ac- 
quitted themselves admirably as chefs. 
Ed. prepared waffles while Vic served 
"Chicken a la Cacciatore." A feature 
of this happy little outing was a target 
exhibition by Angelo, in which he dis- 
played his skill as a marksman. 

Ferdinand Sarno has just rounded 
out 1 8 years of faithful service in the 
Bank of Italy. Our bank opened Jx>r 
business on October 17, 1904, and 
Ferdinand entered our employ, as the 
fifth member of our staff, on May 5, 
1905. Those who preceded Mr. Sarno, 

in an active way, were Messrs. A. P. 
Giannini, G. E. Caglieri, A. Pedrini and 
V. A. Caglieri. 

Miss Ware of our statement window 
was the honored guest at an informal 
farewell dinner party tendered by her 
associates under the direction of Cap- 
tain U. Olivieri, assistant cashier. 

Misses Emma Baldocchi and Mary 
Caradonna of this office were foremost 
among those who entertained the Prin- 
cess Santa Borghese on the occasion of 
her recent visit to San Francisco. Emma 
and Mary are accomplished musicians, 
ever ready to give freely of their valu- 
able time and extraordinary talent for 
any worthy object. 

Ernest Carli was married to Clara 
Vollmer several weeks ago. May there 
be in this union 

"A bliss beyond all that the min- 
strel has told, 
With love never changing, and 
heart never cold." 

L. M. Giannini, Assistant to our 
President, cabled from Italy to A. Gam- 
boni, manager of our baseball team, 
congratulating "Gam" and his boys in 
having won the season's championship 
in the San Francisco Bankers League. 
Our President also conveyed assurances 
of his pleasure at the victory. 

There is much talk here at times as 
to the relative merits of the babies of 
the following members of our staff: 
Messrs. Caglieri, Cuneo, Simpson, Per- 
lite, Kiser and Baldocchi. One of these 
infants, it is said, is much cuter than 
the others, one excels in weight and 
another is very handsome. They are, 
however, all remarkably bright chil- 
dren, or, as their daddies say, "unusu- 
ally precocious," at which we are not 
surprised. No, not at all. 

August Twelfth 

Save that date 

The annual outing of the Bankitaly 
Club will take place on August 1 2th 
in Madrone Park, on the line of the 
Oakland & Antioch Railroad. There 
will be gate prizes, races, music and 
a tug-of-war. Special events have been 
scheduled for the delectation of all. 


B an kit a I y.Lif e 


C. H. King 

King City Branch 

The brief but in- 
teresting reference of 
our Live Oak branch 
to C. H. Metteer, the 
"Father" of that 
community, raises 
this question: Why 
wasn't that town 
named Metteer or 
Metteerville rather 
than "Live Oak"? 
This name, we real- 
ize, may have been 
more or less justified 
by the large number of oak trees that 
once grew in that vicinity, but some 
day the present name may be a mis- 
nomer. There is, for instance, an "Oak 
Street" in San Francisco, but "nary" 
an oak t^ree on it. Then too, there are 
142 communities in the United States 
that either bear the name "Oakland," 
or have somewhat similar designations, 
such as "Live Oak" or "Fair Oaks." 

Charles Henry King, after whom 
King City was named, was born on 
May 3, 1844, in Ontario County, New 
York. He came to California in 1859 
and for a while taught school, but poor 
health made it necessary for him to go 
to the Hawaiian Islands, or Sandwich 
Islands, as they were then known. He 
returned to California in a few years 
and resumed his former profession as a 

Mr. King acquired the San Lorenzo 
Ranch in Monterey County in 1 884, 
and this city, located on his immense 
holding, was named after the ranch 
owner. Our city's future was assured 
by the extension of the Southern Pa- 
cific Railroad. 

On July 11, 1886, William Vander- 
hurst arrived here with seven carloads 
of lumber and began the construction 
of the first building in King City, since 
which time it has made such splendid 
progress that the Bank of Italy decided 
to establish a branch here of its state- 
wide banking system, thereby attesting 
to our bank's abounding faith in the 
future of Monterey County. 

Sacramento Branch 

Charles W. Godard, member of our 
advisory board and also one of our 
finance committee, has the sympathy of 

our staff, because of the injuries he 
sustained in an automobile accident, 
while touring with his family, near 

John Diggs, valued employee, re- 
cently took a short leave of absence for 
his "health." When John returned, he 
reported that he had not only fully 
regained his health, but had been mar- 
ried to Miss Petrinella Myers, a young 
lady whose family is prominent in our 
agricultural colony. Frank Morrill, an- 
other one of our boys, was the only 
person who knew of John's serious 
intentions and Frank surely knows how 
to keep a secret. We congratulate Mr. 
and Mrs. Diggs and while wishing them 
an abundance of happiness we desire 
to warn all those who may hereafter 
desire a "leave of absence" that they 
will have to show us either a doctor's 
certificate or a marriage license. 

"Mah Jongg" has taken Sacramento 
by storm. Among our most enthusias- 
tic players, are Homer Boucher and 
Martin Bolts. These assistant cashiers 
are already advocating a Mah Jongg 
inter-branch tournament, in which they 
are encouraged by their good wives. 
Oh! for the dear old days when the 
children used to play checkers at home, 
as mother looked on and darned socks, 
while pa indulged in an innocent game 
of pinochle with a few gentlemen 
friends who "just dropped in." We 
hope the introduction of this Oriental 
game of Mah Jongg is not going to 
upset all of our cherished family tra- 

Stockton Branch 

Valeta Magnuson has returned from 
her vacation at Catalina, where our 
associate landed an immense tuna, but 
with characteristic modesty she re- 
ferred to her catch as a "large Cali- 
fornia sardine." 

J. S. Reilly, assistant cashier, now 
touring Europe, visited Monte Carlo, 
but as there has been no recent depres- 
sion in the rate of exchange, we assume 
that Jim's presence did not cause the 
Duke of Monaco the loss of any sleep. 

An innovation in local transporta- 
tion service is attracting attention here. 
It is the introduction of the Bret Harte 
stage for Yosemite Valley and "way 
points." This omnibus goes through 
the historic Bret Harte country and its 
service is unique, inasmuch as the stage 

9 2 3] 

Bankitaly Life 


driver picks up passengers at their 
homes, en route. 

Our sympathy has been extended to 
Mrs. Josie Gilmore and to Leo Dentoni, 
because of bereavements in their re- 
spective families. 

Warm weather has come at last and 
with it marked activity in our fruit 
market, twenty carloads of assorted 
fruits being shipped daily. 

Ever since Adolph Beck, assistant 
cashier, intercepted a notorious bad 
check "artist" he has received flattering 
offers from the Burns Detective Agency 
to join that organization. Adolph is, 
however, like adamant in his refusal to 
consider proposals calculated to divorce 
him from his present avocation. Mr. 
Beck would also like to have it gener- 
ally known that contrary to a common 
belief he is not in any way related to 
Billy De Beck, close "friend" of Barney 
Google, the owner of Spark Plug. 

A. J. Bona, assistant cashier and 
benevolent citizen, while on a recent 
charity detail parked his machine in a 
place that might have eventually 
blocked local transportation. On An- 
drew's return, he found, tied to his car, 
a "cordial bid" to meet the head of 
Stockton's Traffic Bureau. Mr. Bona 
accepted the invitation and was 
promptly "set back" $2.50. This Andy 
paid, under protest however, for he 
pleaded in extenuation, but in vain, 
that at the time of the alleged infrac- 
tion of the street regulation he was on 
a charitable mission. It would seem from 
this experience of our A. C. that a 
municipal ordinance may, at times, be 
in contravention to that higher or 
moral law, making it incumbent on us 
to assist a neighbor in distress even 
though other neighbors may, as in the 
present instance, suffer thereby a tem- 
porary inconvenience occasioned by 
impeded progress. We would like to 
have an expression from our legal de- 
partment as to whether or not our Mr. 
Bona has grounds for an appeal from 
the mandates of our local "magistrate." 

Ontario Branch 

Good morning, brothers and sisters, 
associates of the Bank of Italy! As this 
is our initial appearance in Bankitaly 
Life, perhaps it would be more becom- 
ing in us, as an infant branch, not to 
say very much this time, but to simply 
"yell" a cordial "How do you do?" 

We feel, however, it is not amiss to 
say that the City of Ontario is one of 

the very best and most progressive in 
southern California. The advent of our 
bank will unquestionably help to in- 
crease the importance of this commun- 
ity, not only in a commercial and agri- 
cultural way, but also as a home center 
and winter resort. 

The progressive element in Ontario 
is highly delighted at our appearance, 
for everyone knows what 69 branches 
of our bank have done for 47 other 
communities in various parts of Cali- 

On behalf of our staff, we desire to 
state that we realize full well that our 
branch's growth in Ontario will be 
commensurate with our ability to serve. 
We know that the word "service" in 
banking parlance is more or less hack- 
neyed, but we also know that this term 
is frequently used by banks without a 
corresponding appreciation of its sig- 
nificance on the part of *the bank's 
staff. Ontario branch intends to put 
into practice what our bank proclaims 
as its policy. 

Sunnyvale Branch 

When Alice Kimball, our teller, re- 
cently went to a wedding, we were for 
awhile greatly concerned, for we had 
heard that she was an "interested" 
party. It transpired that Miss Kimball 
icas interested, but only to the extent 
of her brother being one of the "prin- 
cipals to the contract." Alice will stay 
with us, at least for the present. 

C. H. Forehand, our assistant cash- 
ier, is about to move into his new 
home in California Street. We remem- 
ber when an announcement like that in 
San Francisco usually meant that a 
man was a Croesus, for California 
Street, or Nob Hill as it was called in 
other days, was the street on which the 
"big four," builders of the Central 
Pacific Railroad, resided. 

Although we have been in our splen- 
did new home but a few weeks, our 
patrons are continually telling us how 
they appreciate our modern quarters, 
at the same time congratulating the 
head office management upon its faith 
in Sunnyvale. 

C. W. Shepard, member of our 
finance committee, is still using crutches 
on account of the fracture of a lower 
limb. When our friend finally discards 
these aids to locomotion, he may, true 
to his ancient and honorable name, 
carry a staff or a cane, the symbol of 
a "shepherd," from remotest antiquity. 


Bank italy Life 


Louis Pellier 

San Jose Branch 

Several months ago 
we made reference to 
the origin of the 
prune industry in 
California, at which 
time we told the 
readers of our house 
^, organ that Louis Pel- 

lier, a French sailor 
^ who came to Califor- 

nia in 1849, was the 
person to whom our 
state was indebted for 
the introduction of 
this most popular of fruits. Pellier was, 
of course, attracted to California by 
the discovery of gold, and upon his 
arrival went to work in the mines of 
Trinity County, but he was disap- 
pointed in his mining venture. Mr. 
Pellier moved to San Jose early in the 
"fifties," where he started a nursery 
on the property which is today owned 
and occupied by his nephew, to whom 
we gratefully acknowledge the use of 
photograph of his uncle, from which 
the accompanying picture was repro- 
duced. This is, we think, the first time 
a likeness of Louis Pellier has ever 
appeared in print, and Bankitaly Life 
may feel reasonably secure in the be- 
lief that it has "scored a hit," or as 
they say in newspaperdom, secured a 

Shortly after starting his nursery, 
Louis Pellier induced his brother, 
Pierre, whom he left in France, to join 
him in California. In 1856 Pierre went 
to Europe on a visit and upon his 
return brought back a large number of 
prune and other fruit cuttings. The 
prune cuttings were procured in the 
Ville Neuve d'Agen, from whence the 
common California prune derives its 
name, Petite Prune d'Agen, an appella- 
tion only used on the Pacific Coast. 

The name of Louis Pellier should 
always be honored among Californians 
as an illustrious pioneer, who contrib- 
uted in a constructive way not only 
towards the wonderful development of 
the Santa Clara Valley, but also to the 
horticultural progress of the great 

New York, East River National 

Two young ladies of our staff have 
been married recently. Florence Burke 
became the bride of John Egan of the 
Commercial Trust Co., while Helen 
Greenfield is now Mrs. Isidor Fixman. 
We congratulate our erstwhile asso- 
ciates, as well as Jack and Izzy. 

Plans are well under way to enlarge 
our women's banking department. 
When remodeled this may possibly 
cause Mrs. Knight, director of the 
women's banking department, Bank of 
Italy, San Francisco, a little concern, 
for fear that our effort in behalf of the 
ladies may surpass what has been done 
for them by the largest bank on the 
Pacific Coast. Maybe Miss Stoermer, 
director of the women's banking de- 
partment at Los Angeles branch, is also 
a little apprehensive. 

When Dr. Giannini, our president, 
sailed for Europe, on a two months 
vacation, we were sorry to see him go, 
but found compensation in the thought 
that our chief needed a rest, after which 
he will be better able to carry the bur- 
dens incident to his active participation 
in the administration of two New York 
banks. The Doctor was accompanied 
on his trip by Mrs. Giannini and Mr. 
and Mrs. Louis Lichtenberger. 

San Pedro Branch 

W. G. Cuppa, our manager, was 
married to Miss Skinner of Pasadena 
on June 1 6th. We rejoice in Gregory's 
happiness and congratulate Mrs. Cuppa 
in having secured one of the best "man- 
agers" in our branch organization. 
Young ladies will be pleased to learn 
that we still have several managers who 
are eligible. 

Almost coincident with the an- 
nouncement of Mr. Cuppa's nuptials 
came the news that he had been pro- 
moted to be assistant manager at our 
Broadway branch in Los Angeles; a 
"double play," as they say in San 

Our new manager is E. M. Tosca- 
nini, formerly of the note desk at our 
Seventh and Broadway branch in Los 
Angeles. We wish our present chief an 
abundance of success in his new post, 
situated as it is at the portal of the 
great city so dear to all residents of 
Southern California. 

19 23] 

Bank Italy Life 


John Bidwel 

Chico Branch 

The reference of 
our Live Oak branch 
in the last issue of 
Bankitaly Life, to the 
"Father" of that 
community causes us 
to feel as if we should 
make known to the 
members of our staff 
some interesting facts 
in relation to the re- 
markable career of 
General Bidwell, the 
"Father of Chico." 
John Bidwell was born in New York, 
on August 5, 1819, and arrived in 
California in 1841 after a six months 
journey across the continent. With the 
possible exception of an exploring 
party led by Capt. Bonneville, U. S. A., 
in 1833, John Bidwell's party of sixty- 
nine men, women and children was the 
first expedition of white people to come 
direct to California from the east, over 
the Sierra Nevada Mountains. 

Worked for John A. Sutter 
While bis party was in camp at the 
foot of Mount Diablo, in November, 
1841, shortly after his arrival, Bidwell 
heard that John A. Sutter, on whose 
land gold was discovered later, had 
started a colony 1 00 miles to the 
north, in Sacramento Valley, within 
the confines of the present city of Sac- 
ramento. Bidwell's party went thither 
and was received with open arms by 
Sutter at his Fort, or New Helvetia, as 
it was then called in honor of Sutter's 
parents, who were natives of Switzer- 
land. Bidwell's first employment was 
in Sutter's service, having been engaged 
to go to Bodega and Fort Ross to super- 
vise the removal of property that Sutter 
had bought from the Russian Govern- 

In January, 1842, Bidwell made his 
first visit to the Bay of San Francisco. 
He had never before seen a body of 
salt water. The little town (San Fran- 
cisco) was then known as Yerba Buena 
because peppermint, a pungent aro- 
matic herb, grew plentifully around 
springs near the present site of the 
25-story building of the Standard Oil 
Company at Sansome and Bush Streets 
in San Francisco. 

When Marshall discovered gold in 

1 848, it was Bidwell who brought the 
news to San Francisco, and in the very 
same year, Bidwell himself discovered 
gold in the Feather River. Three years 
before, an intelligent Spaniard to whom 
some of the red cinnabar found near 
San Jose was shown, quickly recog- 
nized it as an ore of mercury (quick- 
silver) from which that metal could be 
easily extracted by heat and used in 
separating gold from its crushed ore. 
Concerning this Bidwell said "The dis- 
covery of quicksilver at that time 
seemed providential in view of its abso- 
lute necessity to supplement the immi- 
nent discovery of gold." 

How California Gold Averted a Calamity 

Bidwell's opinion of the great im- 
portance to the United States of the 
discovery of gold in California is 
worthy of particular mention. He said 
"It is a question whether our country 
could have stood the shock of the great 
rebellion of 1861 had the California 
gold discovery not been made. Bankers 
and business men of New York, in 
1864, did not hesitate to admit that 
but for the gold of California which 
poured its five or six millions a month 
into that financial center, the bottom 
would have dropped out of everything. 
These timely arrivals so strengthened 
the nerves of trade and stimulated 
business as to enable the government 
to sell its bonds at a time when its 
credit was its life-blood, and the main 
reliance by which to feed, clothe and 
maintain its armies. Once our bonds 
went down to 38 cents on the dollar. 
It was California gold that averted a 
total collapse and enabled a preserved 
Union to come forth from the great 
conflict with only four billions of debt 
instead of one hundred billions. The 
hand of Providence, so plainly seen in 
the discovery of gold, is no less mani- 
fest in the time chosen for its accom- 

We shall continue this narrative of 
General Bidwell's career in our next 
contribution to Bankitaly Life. 

Sharing the Credit 

"It's only your constitution that has 
pulled you through." 

"I hope you'll bear that in mind, 
doctor, when you send in your bill." 


B an kit a I y Life 


Salinas Branch 

Farrell and Vincent 

The individuals shown in the above 
picture recently strolled into our 
branch and at first sight, in the absence 
of any other marks of identification 
than their "regalia," we concluded they 
were two vaqueros, who called to nego- 
tiate a loan on cattle or possibly to 
transact other business of a fiduciary 
nature. We were soon disillusioned, 
however, when credentials were pre- 
sented showing they were Walter Vin- 
cent and Bernard Farrell, representa- 
tives of the head office inspection de- 
partment. The moral of this incident 
is: Never judge a person by his clothes, 
even though Shakespeare said "Dress 
oft proclaims the man." 

San Luis Obispo Branch 

Vacation brevities: — Anna Jannsen 
enjoyed two weeks rest, more or less 

reel, in Los Angeles. Laura Biag- 

gini, like President Harding, decided to 
recreate this year in Alaska, among the 

perpetual snows. Leslie Ghezzi, 

(comptroller's department, head office, 
called on us during his vacation. Les- 

lie's old home is at Cayucos, 22 miles 
from here. 

The officers and employees of our 
branch recently had a barbecue at 
Reservoir Canyon. Ed. Jenkens was 
chef and he played his part so well that 
former chefs Jack Riordan, Reynolds 
Barbieri, Ted Praetzel, Jimmy Raggio, 
Joe Cronan and Attilio Armanino of 
our San Francisco branches are now 
rated as "second cooks." 

Herman Nater, A. V. P., and Homer 
Lawton, of our head office and L. A. 
branch respectively, called here en 
route to San Francisco, with a party 
from the Los Angeles Chamber of 
Commerce. Mr. Nater addressed our 
local Chamber and made a fine im- 

W. E. Blauer, vice-president, and F. 
C. Mitchell, assistant vice-president at 
our San Jose branch, paid us a visit 
several weeks ago. Bill and Frank 
helped us to dig clams that were after- 
wards transformed into cocktails. We 
mean, of course, clam cocktails. 

The Cost of Getting Mad 

By Walter Camp 

Sometimes it costs a lot to get mad. 
Many a deal which promised profit and 
prestige has been spoiled by a fit of 
temper. That is a sacrifice every man 
would rather avoid if he could — and 
he can. But he should remember iri 
addition that anger has a distinctly in- 
jurious physiological effect upon him- 
self. Repeated fits of it are ruinous to 
health. There are two cures for it, one 
temporary and one permanent. 

The first cure should be applied im- 
mediately. It is just to hold your 
tongue and breathe steadily and deeply 
ten times. (I have known the most 
hot-tempered men to learn to do this 
without fail.) Then say aloud: "What 
difference will this make a hundred 
years from now?" 

The deep-breathing is not intended 
merely to gain time. It takes the blood 
into your lungs and out of your head, 
for it has rushed to your head when 
you got mad. And so you will find that 
your anger has subsided, and. that you 
are fairly normal. If you really wish 
to fight you will then be a far deadlier 
antagonist for your opponent. Some- 
times your opponent may goad you to 
wrath just to get the better of you. 
Don't let him do it. 

9 2 3 1 

Bankitaly Life page th.rty-one 

Wasco Branch 

Left to right, J. S. McCain, Miss Bridges, Miss Dodds, A. A. Buechler. 

It has been decided to incorporate Wasco as a city, and we now expect to 
see real estate values rise just as the mercury rises whenever old Sol cavorts 
about here, as "he" surely does occasionally. 

Wasco now has a printing office that is going to publish the county farm 
paper and cur local newspaper. We hope this venture will be so successful that 
we will soon have morning and evening papers, besides a comic supplement on 
Sundays, with boys on cur street corners yelling "all about the election" and 

Other evidences cf Wasco's progress may be found in the recent establish- 
ment here of two packing houses to care for our melons and green fruit. An 
up-to-date furniture store is another acquisition worthy of mention, while in the 
"offing" we think we can see heading this way, branches of the Owl Drug Co., 
the United Cigar Stores, and the Orpheum Theatre. 

Our teller now owns a Hupmobile which he purchased for his wife and we 
commend the action of our co-worker as worthy of emulation throughout the 
Bank cf Italy System, for we think the wife of every member of our staff should 
be supplied with an automobile, or at least a motorcycle. 

Poultry growing is one of the most profitable side lines on many of the 
small farms in this district. Like garden truck, the eggs, chickens, fat ducks and 
geese help cut very materially in completing the home supplies on a diversified or 
a general farm. Many fruit-growers have poultry runs beneath their apricot and 
peach trees. However, poultry raising is not a specialized industry in our 



k\ it 

>• ; i 




' ^-'^-"'^ 

:- I • 




t 1 ,jfc 


# 1 

General John J. Pershing, U. S. A., when in San Francisco, greeted former comrades of 

the American Legion. Left to right: — Major Epstein, vice-president Bank of Italy; General 

Pershing; Major General Morton; Colonel Colman. 




Head Office 

Volume 7 

JULY, 1923 

Number 7 

'Tour" Through the Head 
Office, Bank of Italy 

Recounting Experiences of a Party of 
Visitors in a Personally Con- 
ducted Excursion Under 
Direction of the 
"Official Guide" 

"So, I have climbed high and my 
reward is small. Here I stand with 
wearied knees, earth indeed at a dizzy 

Major Fred. Kerman 

depth below, but heaven, far, far be- 
yond me still." 

However, when Hawthorne wrote 
that brief expression of disappointment, 
he had merely climbed a steeple, and 

wasn't on the roof of the Bank of 
Italy's Head Office Building. Besides, 
when you ride up in the elevator there 
is no accompaniment of weary knees. 
Overlooking San Francisco 

Our Official Guide leaned a bit dar- 
ingly on the parapet that surrounds the 
roof and started his explanations with- 
out prefatory comment. "From my 

commanding position" he was talking 

about the roof "the visitor in San 

Francisco finds spread out before him 
a panorama unrivalled in metropolitan 
grandeur. Wonders of nature and the 
handiwork of man vie with each other 
in this kaleidoscope of urban splendor. 
Rome with her seven hills and classic 
architecture offered no fit rival for the 
contrasting summits of earth and grace- 
ful spires of commerce that form so 
distinct a part of San Francisco's mag- 

"What," one member of our group 
inquired, "is the height of this build- 

"From the base of California granite 
resting on the foundation, the structure 
rises 140 feet above the street. Its 
perfection of symmetry, however, tends 
to dwarf the magnitude of its eminence, 
and it is with a distinct feeling of sur- 
prise that visitors find themselves at 
such an elevation. 

"But follow me," the Guide inter- 
rupted himself, "and we shall see even 
more to hold your interest." 

On the Seventh Floor 

Our party, including only a few, 
who had not risked the crowds and 
congestion of the public reception that 
accompanied the opening of the bank's 
new head office building, trooped in 
behind the official personage who was 
our escort, and found ourselves at the 
head of a short staircase, leading from 
the roof to the seventh floor; down this 
{Continued on page 5) 

JULY, 1923 

Bankitaly Life 


(Continued from page 3) 

we walked, closely in the footsteps of 
the Guide. 

A brief clearing of throat, and then: 
"Here are lockers for the men of the 
bank. The room is equipped to pro- 
vide suitable quarters for a staff even 
larger than the present. To the rear, 
and adjoining this room is a large stor- 
age space, where is kept the stock of 
miscellaneous supplies used at the Head 
Office. Perhaps you would like to see 
how comprehensive and diversified the 
material is that we require constantly. 

"Oh, Mr. Searlel" shouted the 
Guide, "will you be good enough to 
name over the list of supplies that you 
carry in stock?" 

"Just a moment," answered a some- 
what muffled voice from within the 
screened stockade. "I'm busy checking 
off an invoice of hand-embroidered 
pen-wipers for the Comptroller's De- 
partment, and if I take my eye off the 
bill I'll lose the place. Can't you come 
back in a week?" 

The Telephone Exchange 

"Well, never mind," said the Guide, 
"We'll observe the unique features of 
the telephone exchange. I think you 
will be interested to know that this in- 
stitution possesses the first completely 
automatic and manual systems com- 
bined, installed on the Pacific Coast. 
We have our own corps of specially 
trained operators, schooled by Mrs. 
Mazzini, exchange manager. 

"When this installation was made the 
telephone company had nothing else 
quite as complicated. It took only a 
few months to train the bank staff in 
the perfect use of the Dial system of 
operation. Though I understand that 
some of the employees were quite de- 
termined to talk about 'ringing' people 
instead of 'dialing' them." 

"Yes," interjected Mrs. Mazzini, for 
we were now standing at the entrance 
to the telephone room, "we have found 
it especially hard to make the young 
women of the bank take kindly to the 
dial system. So many of them insist 
that it is far more pleasant to have the 
men say, 'I'll give you a ring'." 

We all had a brief laugh over this 
gay witticism, and then devoted our- 
selves to a close inspection of the in- 
tricate devices that make possible so 
perfect a medium of communication." 

"Truly remarkable," said our Guide, 
"the progress that has been made in 

the development of communication. 
One would scarcely conceive that the 
quantity of wire used in this installa- 
tion, by actual measurement, would 
furnish a trolley line from here to Los 
Angeles and return, with enough left 
over to maintain radio communication 
between the United States and South 
America. There are more than 600 
different types of wire, each one having 
a particular characteristic, making it 
so readily identified that (I am assured 
by an emissary of the Telephone Com- 
pany) a blind person could turn his 
back and tell which was which. This 
latter statement, however, is one for 
which I cannot vouch, never having 
seen it demonstrated." 

The Sixth Floor 

Amid quiet chuckles, we turned and 
followed our Guide down a short flight 
of stairs, and found ourselves at a 
doorway leading into a large, sunny 
room at the rear of the building, ob- 
viously equipped for culinary purposes. 

"Don't tell me," I exclaimed, "that 
the bank is now conducting a Domes- 
tic Science Department!" 

"Yes," said the Guide, "we are not 
teaching cooking. In fact, if you will 
accept my testimony" he continued, 
"the young women of this institution 
require no instruction in the prepara- 
tion of viands. This room is merely a 
comfortable, airy spot to which those 
who wish may come and partake of 
such noonday refreshment as they have 
brought with them. The intricate and 
handsomely nickel - plated appliance 
that now confronts us is a steam table, 
the operation of which, I confess, is 
quite beyond me, but I am told that 
it is indeed a boon to such of the young 
women as have occasion to warm up 
articles of diet brought with them for 
luncheon. The bank, of course, does 
not provide the food, nor does it under- 
take to serve victuals of any descrip- 
tion. It merely furnishes these helpful 
devices, and offers attractive surround- 

The Women's Rest Room 

"Immediately adjoining these quar- 
ters, you will see the Women's Rest 
Room. Pardon me if I appear unable 
to expound at length upon the many 
fine points which I am told it possesses. 
Unfortunately I know of its qualities 
largely by hearsay. Though, without 
boasting, I should add that I have 
(Continued on page 7) 

JULY, 1923 

Bankitaly Life 


{Continued from page 5) 

walked through it several times but 

always when the room was unoccupied. 
The furnishings are of substantial 
wicker, manufactured by the Blind 
Craft Company. Among the more pop- 
ular pieces of its ensemble are several 

'chaise longues' a name that I have 

never been able to pronounce cor- 
rectly. Locker rooms, just to the rear, 
are equipped with individual steel ac- 
cessories, designed to resist fire, as well 
as damage from explosives. This latter 
feature was included because of the 
large quantity of powder that the lock- 
ers often contain." 

We all considered this observation 

with some solemnity as we passed 

through the corridor with the Guide, 
who led the way into a large room, 
obviously intended for gatherings of 
some sort. One of the party was on 
the point of asking what Lodge met 
here, when a rumbling voice, appar- 
ently from the far end of the room, 
interrupted. We were all somewhat 
surprised for an instant, until we real- 
ized that it was only the echo of our 
own Guide's explanation. 

The Auditorium and the Directors 

"Here," he was saying, "are held 
meetings of the bank's personnel, edu- 
cational lectures, and social gatherings 
of Bankitaly Club. We accommodate 
500 people in this room, and its walls 
have witnessed many important events." 

As he paused an instant, I remarked: 
"The acoustics are rather bad here." 

"Yes," said the Guide, "they are. I 
smelled them myself as we came in." 

Nothing further was said, for a few 
minutes, so we all walked across the 
room to an opaque glass door at the 
farther end. On reaching it the Guide 
stepped aside and, with a sweeping 
gesture, indicated that we should enter. 

"Gentlemen, you are now in the 
Directors Room of the Bank of Italy," 
he announced. 

We could well believe him, for 
seldom had it been the pleasure of 
those who composed our party to con- 
template quarters that reflected such 
regal dignity. His words of explana- 
tion fell unheard upon our ears, so 
great was the measure of our concen- 

Under foot a deep-piled rug of oval 
shape, unique in its conception, covered 
the floor almost to the baseboard. A 

great mahogany table, surrounded by 
thirty chairs, high-backed and massive, 
occupied the center of the room. But 
the mural decoration was the cynosure 
of our fascinated gaze. Gold leaf, curi- 
ously fashioned in interesting designs, 
stood out against a background of 
French grey plastone. Executed by San 

Francisco's most favored genius An- 

gelo Diesi the workmanship repre- 
sented the pinnacle of artistic achieve- 
ment. The detail with which the entire 
room had been conceived was remark- 
ably complete, and we all examined 
the individual features with almost 
breathless assiduity. The texture of the 
draperies; the skillful blending of com- 
plementary colors; the ceiling, and 
even the gold name plates that sur- 
mounted the back of each chair all 

these won and held our wrapt attention. 

So it was almost as though we were 
leaving a treasure storehouse that at 
length we were persuaded by our Guide 
to continue our tour of inspection. 
The Fifth Floor 

Descending to the fifth floor, we 
found ourselves in the center of a large, 
open space, near the elevators, and 
fringed about on all sides by rows of 
desks. At once our Guide (who had 
come in last) started speaking. 

"This," he said, "is the fifth floor. It 
has been reserved for the future expan- 
sion of the ." Suddenly he stopped. 

"I beg your pardon, gentlemen," he 
hastily interjected. "That remark 
came to my lips spontaneously. The 
last time I made a trip through the 
bank, this was an empty room and I 
had understood that it was to be used 
in years to come, when the business of 
the bank had at last caught up with 
the proportions of the building. But 
apparently the growth of our institu- 
tion has even now overtaken the antici- 
pated development. 

"Well, hi hum! Now that we're here 
I'll find out just what this is." 

Suiting the action to the word, our 
Guide approached a keen looking 
young man who was busying himself at 
a nearby desk. "Pardon me, sir," said 
the Guide, "but can you cast an en- 
lightening observation upon the char- 
acter of this particular department?" 

"Why, certainly," came the reply. 
"From my personal experience here, I 
can assure you that the character of 
this department is above reproach. And 

{Continued on page 9) 

JULY, 1923 

Bankitaly Life 


{Continued from page 7) 
I might add that this statement goes for 
the men as well as the women. 

"Ah, I fear you have misunderstood 
me," said the Guide. "I wished to learn 
the official designation of the depart- 
ment and thought you would know, as 
you are obviously engaged here.' 

"Now in that case," said the young 
man, "I can be of help to you. This is 
the Secretary's Department, of which I 
am a member. My name happens to 

be Lynd R. W., to be exact. What 

was it you wished to find out about 
your stock? Possibly your payment has 
reached us and is carried as unidentified 
cash. On the other hand, if you have 
not yet obtained your allotment I shall 
be glad to accept your subscription, 
and endeavor to obtain a price on the 
basis of the present market quota " 

Guide is Finally Understood 

"No, no, you have misinterpreted the 
purpose of my query," said the Guide. 
"1 am merely escorting these gentle- 
men through the bank and wished to 
tell them what department we were 
visiting. But perhaps you can help me 
point out the other features of interest 

"To be sure," replied Mr. Lynd. "If 
you are not really anxious to buy stock, 
I may as well put your name on the 
prospect list — and meanwhile make a 
good impression by being agreeable. 
Over there, is Mr. Hendrick of the 
California Joint Stock Land Bank. He 
is Manager of the Central Real Estate 
Loan Department, and probably re- 
ceives more unkind attention, from 
people whose property has been ap- 
praised at a figure lower than they had 
expected, than any other man in the 
bank. Mr. Aldwell is Assistant Man- 
ager selected because of his ability to 

absorb irritating remarks without show- 
ing any ill effect. All of these young 
ladies are members of the department. 
No, it isn't a bad place to work. 

"Over at that desk is Mr. Dietrich 

Assistant Vice-President in charge of 
our Exchange operations. He has been 
occupied for several weeks trying to 
find out why Frank Risso insisted on 
going to Los Angeles as Hollywood 
correspondent for Bankitaly Life. The 
view from Mr. Dietrich's desk is very 
fine. That door opens into the Tele- 
graph Department. If it weren't for the 
danger of encountering Bill Minehan 

dashing out just as we went in, I'd 

suggest looking in there. 

The Auditing and Statistical Sections 

"If you'll step through this other 
entrance, you may look at the violent 
section of our Auditing Department. 
Mr. Clarke, the Assistant Auditor, is 
training a corps of Inspectors for the 
absorption of another bank." 

With the spirit of adventure, we all 

stepped through the partly open door 

and were greeted by a sudden burst of 
terrifying noise. It seemed as though 
pandemonium in its natural and most 
virulent stage had been unleashed. The 
air vibrated with the din of action, and 
the entire room seemed fairly to rock 
and sway under the vigor of its opera- 

A sudden shout, followed by a series 

of harsh tattooes then a voice crying 

out: "I make it twenty-two, forty-six, 
eighty!" Then all was still. 

'Snothing," someone at my elbow 
observed. "That's Bill Cheney extract- 
ing the square root of the combined 
Teller's Blotters. Y' ought t' hear him 
when he's doin' cube root." 

I glanced around and saw a stocky, 
young chap, with dark Valentinoed hair 
who was to me a total stranger. 

"M' name's Clarke," he said. "These 
're the fellars who put the bank to- 
gether. They're a rough crew. Not 
much good for Tug-o'-War. Too many 
Generals and Admirals among 'em." 
And with these few cryptic words he 
hurried off in the direction of the one 
to whom he had referred as "Cheney" 

and who was apparently disengaging 

the handle of an adding machine from 
the cuff of his trouser leg. 

The Library and the Letter Files 

Not wishing to hear so painful an 
ordeal as the extraction of a cube root, 
we walked quickly on to a desk farther 
along, where a composed young woman 
was pleasantly occupied, glancing over 
the pages of a current periodical. Our 
Guide paused as we reached her chair, 
and she looked up smilingly. 

"May I do something for you?" she 
asked brightly. 

"Why, yes, to be sure," replied the 
Guide. "What Department is this?" 

"You are in the Library," she an- 
swered. "Would you care to see it? 
Of course, I haven't any printed mate- 
rial to show you. All the books and 
magazines have been carried home by 
(Continued on page 11) 

JULY, 1923 

Bankitaly Life 


{Continued from page 9) 

various officers, but the shelves are 

We all thanked Miss Ferguson for 

that was her name but assured her 

we weren't ready to be "shelved," as 
we still had other departments of the 
bank to visit. 

"Come," said our Guide, "here are 
the files. I know you will be interested 
in them. See, they have put up a heavy 
steel barred gate at the entrance. It is 
said that only a few months ago some- 
one was sent to the files for the copy of 
a letter, and found it. Now they refuse 
to allow anyone, except file department 
employees, to enter the enclosure." 

As it was only a step to the rear 
elevator, we waited for the car, and in 
due course alighted on the fourth floor. 
The Fourth Floor 

Our party moved forward across the 
room, then suddenly halted, and as one, 
we turned to our ever helpful source 
of information. Has no mistake been 
made?" queried one of our number. 
"Is this a bank?" For we were all of 
the opinion that through some error 
we had been ushered into the side 
entrance of Mr. Florenz Ziegfeld's pri- 
vate employment office. 

"Here you see," began our Guide, 
who was impervious to our suggestion 
of embarrassment, "the Stenographic 
Department. These capable and most 
attractive members of our staff who 
may be found here when they are not 
engaged elsewhere, are in reality the 
banner-bearers of the institution, and 
their far-flung words (if I may be 
allowed to employ the metaphor) reach 
to the uttermost outposts of the civil- 
ized world and carry the message of 
service to customers and prospective 

"Under the direct supervision of Mrs. 
McElney, who is the head of this de- 
partment, it is possible to do almost 
anything with a spoken word. I have 
heard different individuals throughout 
the bank speak of the facility with 
which an expression such as 'oldest 
white settler* could be transformed in 
the twinkling of an eye to 'oldest type- 
setter.' But that is not the farthest 
limit to which the miracle of transfor- 
mation may be carried. Should you 
wish it, an expression uttered now may 
be reproduced in permanent form, type- 
written, hoovenized, dittoed, multi- 
graphed, mimeographed — or if it be a 

street number, addressographed. Need 
I warn you gentlemen to choose care- 
fully the words you say while in this 
department 1" 

"Just to the rear of this partition," 
continued the Guide, "is the Mail De- 
partment. Its employees are all men. 
Perhaps you would like to see its oper- 
ation? No? Very well, we shall step 
forward to the Central File. This way, 

The Central File 

Carefully picking our way across the 
room, we passed rows of desks, bat- 
teries of click-clacking mechanical de- 
vices, and approached a rather forbid- 
ding looking array of high cabinets. 
While we were yet some distance off, 
we could hear a low, droning sort of 
chant that seemed to come from the 
other side of the cabinets. Gradually 
the sound became more distinct until 
we were able to detect words — though 
of a most amazing nature. 

"How many commercial clients, who 
speak Chinese or Russian and are en- 
gaged in the jewelry business west of 
Mason Street, have building loans and 
safe deposit boxes?" chanted the voice. 
Just at this point we came to the end 
of the cabinets and found ourselves 
looking across a desk at a dark-haired 
young woman wearing glasses. She had 
a pack of cards in a box on the table 
before her, and was engaged in vicious- 
ly thrusting long steel rods into holes 
in the cards, as accompaniment to her 
mumbling. We all held back a little 
except the Guide, who stepped forward 
and observed: "Here is the Central 

"You're right, this is the Central 
File," said the young woman, without 
looking up from her occupation. 

The Guide began again. "This is the 
Central File, in charge of Miss Fine- 
stone. This is Miss Finestone." 

At that the young woman looked up, 
and we noticed for the first time that 
her eyes were very dark, and doing 
what is commonly called "flashing." 

"Say, what's the party all about?" 
she inquired, studying us one by one. 

"You are, I fear," replied the Guide, 
"laboring under a misapprehension. 
This is not a party. These are visitors 
on a tour of inspection." 

"Oh," said Miss Finestone. 

"I thought you might show them 
how to use the Central File," the Guide 

(Continued on page 13) 

JULY, 1923 

Bankitaly Life 


(Continued from page 11) 

"Well, if you'll all stay around here 
for a couple of years maybe I can. I've 
been trying since 1921 to teach some 
of the people in the bank the same 
thing and haven't succeeded so far. 
Maybe your crowd will take hold 
faster," she concluded. 

We all expressed hearty appreciation 
of this generous offer, and were pleased 
with the implied compliment, but as we 
were to be in the city for such a short 
time, we felt constrained to decline the 

Leaving the Central File, we were 
escorted into adjoining quarters, which 
the Guide told us constituted the 
Women's Banking Department. 

The Women's Banking Department 

"What you may discover here," he 
said, "can be told far better by Mrs. 
Knight, the Director of the Department. 
1 shall ask her to discuss the interesting 
points with you." 

Mrs. Knight proved a most delightful 
hostess to our little group. She ex- 
plained the necessity for a department 
that appealed to women and told briefly 
of the success that had attended this 
novel venture. 

"We believe," she asserted, "that 
women have a very definite part in the 
life and activities of this community 
and are entitled to recognition. This 
department was created as an expres- 
sion of our high regard for the 'weaker 
sex' in San Francisco, and to show that 
we realized women were entitled to 
proper consideration in the transaction 
of their financial affairs." 

All of us were impressed with the 
nature of the work that had been under- 
taken in the establishment of this 
unique department, and the more we 
looked about us, the greater our inter- 
est. Because of our brief acquaintance 
with Mrs. Knight, I suppose, we felt a 
little hesitant in asking questions, but 
(again please pardon the inadequacy of 
the metaphor) deciding, as it were, to 
"take the bull by the horns," I asked: 

"Are all of your employees here 

"Quite so," replied Mrs. Knight. 

"H-m," I said. 

"Yes, they are all women," reiterated 
Mrs. Knight. 

"Pardon me," and pointing behind 
the counter, I asked, "but isn't that a 

Mrs. Knight laughed. "Oh, yes, that 

is Mr. Barbieri, from the first floor. 
However, he doesn't work here. 1 mean 
he doesn't work in this department. 

That is, he doesn't work My point 

is this: He belongs to the first floor, 
but at intervals during the day he comes 
up here for one thing or another, but 
despite that this is a women's depart- 

"There is Miss Oddie, my assistant, 
and the young woman talking with her 
is Miss Herzog. That one is Miss Har- 
stine, opening a new account, and in 
the next cage Miss Brancato is just 
shutting the window. Miss Musgrove is 

our chief clerk sitting at the desk 

directly behind Miss Harstine. 

"And now," she continued, "if you 
have time, 1 shall be glad to show you 
our budget books — one for the house- 
wife and the other for women in busi- 

We thanked Mrs. Knight, but ex- 
plained that while the problem of how 
to live on what one earns has become 
a practical rather than a theoretical 
subject, we realized that she was very 
busy with her own work, and we could 
not think of bothering her longer. 

As we left the room the Guide said: 
"The color scheme is Mulberry and 

The Third Floor 

On our way to the third floor our 
Guide called attention to the marble 
staircase. "Marble is used extensively 
throughout the building, and I shall 
call particular attention to some of the 
unusual varieties on the lower floors. 
In some institutions, I have heard it 
said (though the situation does not 
exist in the Bank of Italy) there was 
more marble behind the counter than 
there was in front. But here we are in 
the presence of the Bond and Trust 
Departments. That portion of the room 
on the left is devoted to Trust matters, 
while on the right one may discuss 

"There are conference rooms here 
in front, as well as at the rear, and 
customers of the bank are always in- 
vited to make use of these when dealing 
with subjects of an important or confi- 
dential nature. I see Mr. Kieferdorf, 
Manager of our Trust Department, at 
his desk now, so we may as well talk 
with him first." 

The Trust Department 

It was indeed a pleasure to encounter 
so affable a person as Mr. Kieferdorf 
(Continued on page 15) 

JULY, 1923 

Bankitaly Life 


(Continued from page 13) 
proved to be, and I think we were all 
not a little surprised to find such an 
official entirely approachable and 
friendly. He invited us to sit down and 
then placed the facilities of his depart- 
ment entirely at our disposal. I think 
none of us will forget the perfect ease 
with which we found ourselves on 
pleasantly intimate terms, almost from 
the beginning of our conversation. 

"There is really such a tremendous 
field to cover in discussing Trusts," said 
Mr. Kieferdorf, "that I am almost at a 
loss to find the proper starting point 
for a review that must perforce be 
brief. However, it seems to me that 
when I say the purpose of Trust Service 
is to be helpful, I have very broadly 
introduced the subject. We seek to 
conserve property and administer trusts 
of an infinite variety. We offer those 
characteristics that make an individual 
trusteeship so human, but with none of 
the individual trustee's shortcomings. 
Our department, organized under the 
provisions of the California Code, is 
qualified to act as Executor, Trustee, 
Guardian, Escrow Holder, Agent, or in 
other fiduciary capacities. 

"We maintain a staff of competent 
Trust officers, as well as a Legal De- 
partment. With respect to this latter, 
however, we make it a matter of uni- 
versal custom to cooperate in every 
way with attorneys in private practice. 
Our Legal Department is under the 
direction of William G. McAdoo, Gen- 
eral Counsel for the bank, assisted by 
Mr. Ferrari as Counselor and Trust 

So comprehensive had been Mr. 
Kieferdorf's presentation of his depart- 
mental facilities, that it was with diffi- 
culty we refrained from forthwith des- 
ignating the Bank of Italy Trustee 
under our respective wills, despite the 
fact that none of us lived within a 
thousand miles of the institution. Per- 
sonally, I should have enjoyed nothing 
more than a further discussion of 

But our Guide reminded us that we 
yet had much to see. So with the 
exchange of many compliments, we left 
Mr. Kieferdorf, and crossed the room 
to where a natty looking young man 
sat deeply engrossed in work, at his 

The Bond Department 

"Is Mr. Belden here?" inquired the 

"He is in New York," was the reply, 
"but possibly I can do something for 
you. My name is Johnson." 

"Good," said the Guide. "You are 
not by any chance Senator Johnson?" 

"No," answered the young man, 
"but I know who he is, so you and I 
at least have something in common." 

"Well," said the Guide rather dubi- 
ously, "I was trying to find someone 
who would tell these gentlemen about 
the Bond Department. But possibly you 
can help me." 

"To be sure," came the reply. "Just 
step right inside the office and Mr. 
Thomson or Mr. Ernst will gladly give 
you an outline of our facilities." 

Acting on the suggestion, we found 
ourselves in a large, comfortable room, 
very business-like in its appointments, 
and in less time than it takes to de- 
scribe, were engaged in conversation 
with the two assistant managers of the 
department. Of course, much that we 
heard during the subsequent discourse 
was rather technical, but I think we all 
were impressed with the importance of 
buying bonds or something. For my- 
self, at least, when I ultimately left the 
bank I at once crossed the street to the 
nearest cigar store, and after making 
my purchase, carefully pocketed the 
coupons, feeling that I had finally made 
a start toward the acquisition of nego- 
tiable valuables. 

But our stay in the Bond Department 
was necessarily brief, and soon we were 
making our adieus, and heading towards 
the door through which we had entered. 
The Head Office Executive Department 

Down the stairs, behind our Guide, 
we followed to the second floor, where, 
we had been informed, would be found 
the head office executive quarters. 
Most of us had expected to find a series 

of elaborately isolated private offices 

and in consequence we were surprised 
to discover that this floor comprised 
only one large room. 

"But where are the officers of the 
bank?" I asked, as I looked around at 
the wide expanse of floor space, dotted 
with its myriad desks. 

"The individuals you see busying 
themselves at various tasks here, are 
the officers," answered the source of 
our information. 

"But you don't mean to tell me these 
men out here in the open, where people 
can see them, are bank executives? I 
(Continued on page 19) 

■ - - 

. •" ->. 

JULY. 1923 

B an kit al y Life 


{Continued from page 15) 

always thought they were kept out of 
sight in unapproachable places." 

Informality Exemplified 

"Here at the Bank of Italy," the 
Guide observed, "there are no barriers 
of formality. People may see and talk 
with anyone who is here. Our officers 
are always available to the public." 

This impressed me as something 
quite extraordinary, and as we crossed 
the room I gave some thought to the 
significance of the Guide's statement. 

"Surely," I said, "your President 
must be hedged about with some pro- 
tective measures to shield him from un- 
warranted interruptions." 

"Not at all," re- 
plied the Guide; "for 
here is the President, 
standing at his desk, 
on your left." We all 
paused, and at that 
moment our personal 
conductor, stepping 
forward, announced: 
"Mr. Giannini, here 
are some gentlemen 
from the East who 
are inspecting the 
bank. They are in- 
terested to find that 
you are not seques- 
tered in some inac- 
cessible corner, surrounded by a corps 
of buffer secretaries." 

"That so?" inquired a strong, reso- 
nant voice, and we suddenly realized 
that the President had turned and was 
smilingly coming toward us. "I'm glad 
to see you, gentlemen," he said. "You'll 
find that all of our officers here are 

out in the open just like our methods 

of doing business. We try to run the 
bank for the benefit of our customers 
and stockholders, and we believe we 
can do this better when the executives 
are in constant personal contact with 
the public. 

"I am glad that you paid us this 
visit," he continued, "and if there is 
anything that we can do for you, don't 
hesitate to ask us." And still smiling 
pleasantly, he shook hands with all of 
us before returning to his desk, where 
a group had been waiting to continue 
a conference that was in progress. 

"This is Mr. Pedrini's desk," said the 
Guide. "He is out of the city at present 


Giannini Greets 

the Party 

or you would find him also 'out in the 
open.' Mr. Bacigalupi sits here. He is 
the tall, dark-haired gentleman, stand- 
ing beside Mr. Giannini. I am told that 
he has one of the most dominant legal 
personalities on the Pacific Coast. Mr. 
MacDonald occupies the next desk, near 
the window. He is in Los Angeles, but 
says most emphatically that it is a tem- 
porary station. Mr. Douglas, who sits 
here, is in a committee meeting," our 
Guide continued. Turning to a young 
woman who was seated at a desk close 
by, he asked: "Do you chance to know 
when Mr. Douglas will be at leisure?" 
"He is with the Personnel Committee 
just now," she said, "but as soon as he 
is through with that and the Efficiency 
Committee, the Executive Committee, 
the Business Extension Committee, and 
the Associated Savings Banks Commit- 
tee, I think he will be free, unless he 
plans on attending a meeting of the 
committee from the Stockholders Aux- 
iliary Corporation." 

"Possibly," said the Guide, "it would 
be just as well if we didn't wait." 

We all agreed, so our party again 
moved on. 

The Comptroller and the Credit 
"The Comptroller's Department oc- 
cupies this portion of the room," re- 
sumed the Guide. "That is Mr. Bur- 
mister talking on the telephone. He is 
concerned with, the operating functions 
of the bank, and supervises what might 
be called the standards of practice. 
Across the room is the Credit Depart- 
ment. Mr. Mulit is in charge of it. 
Sometimes, I understand, it is referred 

to as the 'No' department especially 

by the members of Business Extension 

"Ah, there is Mr. Hale, our first 
Vice-President, talking with Mr. Mulit," 
and the Guide pointed to a gray-haired 
gentleman, engaged in obviously im- 
portant conversation. "Mr. Hale doesn't 
confine his activities exclusively to 
banking. In addition to his duties here, 
he is President of Hale Bros., Inc., 
O. A. Hale & Co., and J. M. Hale Co. 
He is Vice-President of the California 
Joint Stock Land Bank, as well as of 
Bancitaly Corporation, and no doubt 
has many other interests with which I 
am not familiar. 

"These desks are occupied by men 
who spend most of their time outside 
{Continued on page 21) 


Robert Baldwin Teefy, vice-president 
Bank of Italy, Stockton branch, in a 
characteristic pose, examining the 
"balance sheet" of a prospective 
client. Mr. Teefy's banking activities 
cover a very wide range, for Stockton 
is not only an agricultural center, but 
is also famous for its great industrial 
plants and splendid shipping facilities. 

JULY, 1923 

Bankitaly Life 


{Continued from page 19) 
the bank, calling on old customers or 
prospective customers. You may be 
interested to know that these repre- 
sentatives are responsible in a large 
measure for the fact that the Bank of 
Italy is now the largest financial insti- 
tution west of Chicago. In addition to 
their many visits with English-speaking 
people, the members of this group are 
able to negotiate with those who speak 
Russian, Greek, Slavonian, Italian, 
Spanish, French, German or Chinese! 

"That is Mr. Wilson, leaning forward 
in his chair. Although he is intensely 
interested in affairs of international 
business, with which his department is 
concerned, I have been told that music 
is his recreational preference. He also 
speaks Canadian." 

We pondered this linguistic accom- 
plishment as we crossed the room 
towards the elevators, and I was on the 
point of inquiring where all the money 
was kept, when we were accosted by 
a page. 

"Were you looking for someone?" 
he asked. 

"No, Alfred," said the Guide. 

"Well, I think he's at lunch, or gone 
for the day, anyhow," said Alfred, "so 
it's all right." 

At this juncture the elevator door 
opened, and the Guide, remarking that 
it was a long walk down to the first 
floor, suggested that we ride. 

The Main Banking Room 

Arrived at the main banking room, 
we found ourselves engulfed in the 
noonday press of business, but assem- 
bling just inside the grilled lobby, we 
were able to crowd about our Guide, 
and resume the discourse. 

"At that counter you see immedi- 
ately across, New Accounts are opened. 
It is a busy place, as you observe. To 
the left is the Information Desk, and 
beyond that, the steps leading to the 
Safe Deposit Department. This enclos- 
ure where we stand is for the officers 
who are in charge of the room. Mr. 
Gock is the one who is just putting his 
o.k. on another check. The next one 
he will turn down. Major Epstein is 
asking that dignified old General to 
have a seat and wait fifteen minutes, 
while Mr. Del Monte — although you 

would scarcely believe it is mentally 

calculating something about reserves or 
estimating how long it will be until the 
bank examiners have finished their 

"Just inside that door our Cashier, 
Mr. Williams, has his desk. It is there 
he helps to perfect present methods 
and works out new systems to assist in 
keeping the Bank of Italy a little ahead 
of other institutions in the matter of 
banking practice and efficiency. 

"This room itself is 35 feet high and 
1 75 feet long. It is executed in Italian 
Renaissance period of architecture. 
The floors, screens and wainscot are 
of marble. Five varieties of marble 
have been used to produce the neces- 
sary color combination you see. They 
are: Italian Black and Gold, French 
Gray, Belgian Black Dot, Italian Rosatto 
and York Fossil. The grills themselves 
are of wrought iron and bronze, har- 
monizing in tone with the basic hues of 
the marble. Particular attention is 
invited to the coffered ceiling. It is one 
of the most exquisite examples of color 
treatment to be found on this hemi- 
sphere. The effect at night, when the 
indirect lighting brings out the values, 
is an interesting study in chiaroscuro. 

"You will notice that no illuminating 
accessories are visible. The lamps from 
which light is obtained are concealed 
in a trough along the top of the grills, 
furnishing a reflected brilliancy of most 
surprising softness. 

Some First Floor Activities 

"But you will likely take greater 
interest in the actual functions of this 
room. I think I am correct in saying 
that every phase of banking is con- 
ducted here. The Note Desk is on our 
right, and adjoining that is the Savings 
Department. Our School Savings De- 
partment is at the far end of the room 
and offers a service that is particularly 
suited to the needs of the citizens of 
tomorrow. More than 50,000 Califor- 
nia school children are customers of 
that Department. Directly across is the 
Commercial Department. We use the 
unit system of operation, permitting 
each teller to pay and receive, thus 
relieving our customers of the bother 
and inconvenience attendant upon the 
old method. The Exchange Depart- 
ment, where may be purchased foreign 
drafts or cashier's checks, is next, and 
beyond that the statement desk. 

"Here is Mr. Newman, Assistant 
Cashier, whose desk is just inside the 
gateway you see down the lobby. 

"Mr. Newman, I wonder if you have 
a few moments of leisure that may be 
{Continued on page 23) 


Bankitaly Life 


Historic Santa Clara County 

Inn — Where Our President 

Was Born 

This old hotel, that once stood on 
North Market Street in San Jose, was 
erected about 1850, when San Jose 
was the capital of California. At that 
period it was the principal hostelry in 
San Jose, where all distinguished vis- 
itors made their headquarters. It is 
said that Peter H. Burnett, the first 
governor of California, General J. C. 
Fremont and Dr. W. M. Gwinn, the first 
United States Senators from California, 
resided here at one time. It was in 
this historic hotel that A. P. Giannini, 
president and founder of the Bank of 
Italy, was born on May 6th, 1870, at 
which time General U. S. Grant was 
President of the United States, Henry 
H. Haight was Governor of California, 
and T. H. Selby Mayor of San Fran- 

The Influence of Compound 

How Money Grows 

Interest compounded every six months 

at the rate of 4 per cent per annum, 

will cause $ 1 00 to grow 















from the 

outlined in the above table that in 1 7 j/2 
years $100 grows to $200. This means 
that any sum of money doubles in 
1 7 J/2 years, when invested at 4% per 
annum, with interest compounded 
semi-annually. For instance, $1.00 
will turn into $2.00 in 17J4 years. 
Then in another I 7 J/2 years that two 
dollars will grow to four dollars, while 
in still another 1 7 J/2 years it will 
double again and turn into eight dollars. 


















17i/ 7 



















































ill be 


Does Courtesy Pay? 

It Surely Does 

R. B. Burmister, vice-president, re- 
cently overheard a lady, in the head 
office lobby, complain to a friend of 
Bank of Italy "service." Mr. Burmister 
inquired for particulars in connection 
with our client's "grievance." An in- 
vestigation followed which proved that 
the lady was in error. In graciously 
acknowledging her mistake she advised 
our vice-president that in recognition 
of his gentlemanly consideration she 
would not only continue carrying her 
commercial account with us, but would 
transfer her savings account to our 
bank as well. 

He: "Who is that fellow with the 

long hair?" 

She: "He is a fellow from Yale." 
He: "Oh, I've often heard of those 

Yale locks!" 

19 2 3] 

Bankitaly Life 


{Continued from page 21) 

devoted to these gentlemen?" inquired 
our Guide, as the young man in ques- 
tion approached. 

"Sure; what do they want to know? 
How we catch people 'kiting* checks?" 

"Well, it occurred to me you could 
tell them something about our methods 
of procedure on this floor," said the 
Guide. "Something about loans, for 

"Oh, you'd better see Joe or Emil," 
replied Mr. Newman. "I doubt if your 
friends here would get much of a 
'kick' out of my cynical ideas. 

"Here, Joe," he called, turning to 
another young gentleman. "Put over a 
couple of double plays for these people. 
I'm going down to ask Chief O'Brien 
to sweep out a pair of cells for some 
wiseacres who thought they were run- 
ning the Treasury Department, and 
tried to print their own currency." 

The gentleman referred to as "Joe" 
proved well versed in banking methods. 
When he had finished his discourse, We 
knew not only the general way in 
which technical details were handled, 
but had learned that Harry Moore Was 
having a fine season and Mel Simpson 
had not made any errors except in one 

game and that after a hard trip to 

the country. Moreover, third base, We 
found (quite to our surprise) was re- 
markably difficult to play in a satisfac- 
tory manner. We were just on the 
point of discussing the situation with 
respect to Cincinnati, when our Guide 
reminded us that we had not yet seen 
the Safe Deposit Department. So, 
thanking our amiable friend, we again 
took up our journey of inspection. 
The Safe Deposit Vaults 
As we reached the foot of the stairs 
leading to the vaults, the Guide halted 
us. "You are now to view the most 
commodious safe deposit installation in 
the West," he said. "The vault proper 
has a capacity of 26,000 boxes, and in 
addition offers a large space for the 
storage of bulky valuables such as 
trunks, furs, silverware and other 

"Please follow me." 

We were led through a grilled gate- 
way and stopped before a large circular 
door, which we saw at once was the 
entrance to the vault. 

"This door," our Guide began, 
"weighs 50 tons, but is so accurately 
balanced that the light pressure of one 

finger will swing it into position. But 
once it has been closed and the time 
locks set, neither explosives nor the 
most ingenious predatory appliances 
have any effect upon it. 

"To serve the public better, the 
vault is open every day in the year 
from 8 a. m. to 12 midnight. These 
hours have proved a great convenience 
to our many customers. Moreover, the 
courteous attention that is given visitors 
here is a matter of genuine satisfaction, 
not alone to those who have occasion 
to use our safe deposit boxes, but to 
the officers of the bank as well. 

"Integral with this vault, but sepa- 
rated by heavy walls of steel, are the 
coin, book and securities vaults of the 
bank itself. I regret that it is not prac- 
ticable to show you these, for the rules 
of the bank with respect to inspection 
are most rigidly enforced. However, 
there is nothing in the construction 
that differs from the main vault that 
you now see. 

"Here," said the Guide, passing out 
through the circular doorway and turn- 
ing to the right, "are the coupon 
booths, where safe deposit boxes may 
be taken by renters for private exam- 
ination. Each booth locks from the 
inside and an attendant is constantly 
on duty in the passageway. Some of 
the booths are large enough for group 
meetings, and these are used when for 
any reason it may be necessary to have 
several persons present when a box is 

We had been walking down the cor- 
ridor toward the rear of the building, 
and we now came to a door, which our 
Guide threw open. "This," he said, 
"gives access to a sidewalk elevator, 
employed in moving heavy articles to 
or from the storage vault. The vault 
entrance is directly behind you, and 
while it is not open for inspection, you 
can see through the barred inner grat- 
ing the quantity of property that it 

In the "Cellar" 

"And now, gentlemen, we shall de- 
scend to the basement or cellar." 

At this last word, we all pricked up 
our ears and pressed eagerly forward. 
There is something invitingly suggestive 
nowadays in the word "cellar." 

Although the steps showed an abrupt 
descent, we were no less precipitous in 
our haste to reach the bottom. In fact* 
{Continued on page 25) 


Bankitaly Life 


LS y.!2S. ' ri; 1 


^trF , "*w 

A. Chiappari, Assistant Cash- 
ier, Bank of Italy, in Venice 

Big-hearted "Cap" Feeds Hungry 

When Mr. Chiappari, assistant cash- 
ier, head office, was in Venice this 
spring, one of his favorite pastimes Was 
feeding the pigeons in front of St. 
Mark's Cathedral. Our associate says 
this church, completed in 1071, is one 
of the most beautiful in the world. It 
is in Venice that the grocer glides up 
to the doors of homes on the canals, 
in his noiseless, graceful gondola, and 
dispenses an almost infinite variety of 
Italian delicacies. 

Don'ts for Depositors 

Copyright by Chauncey M'Govern, 
San Francisco 

1 — DON'T leave any blank space 
between the $-mark and the figures 
You write on Your cheque; nor any 
blank space between the words of the 
"amount" and the printed word "Dol- 

2 — DON'T use SMALL writing; it 

is easiest to add to, to erase and to 

3 DON'T write Your "two" so 

that the forger can readily alter it into 
"twenty"; nor Your "four" so that it 
may easily be made into a "fourty"; 

4 — DON'T fail to insert a period 
after the figures used to indicate the 
dollars; and to run Your cents figures 
CLOSELY after that period; 

5 — DON'T leave any "uneven" 
spacings between Your figures or Your 
words. Remember that a single figure 
"0" added, or a mere "ty," may mate- 
rially change the real value of a 
cheque whereon sufficient blank space 
has been left to make such slight addi- 

6 — DON'T write Your "hundred" 
so that it might readily be changed 
into a "thousand"; remembering that 
the mere prefixing of a "t," with a 
slight CHEMICAL application, can 
render the word "hundred," if care- 
lessly written, readily into a "thou- 

7 — DON'T use an "X," nor an 
ampersand ("&") between Your 
words for "dollars" and the words for 
"cents." Either of those small marks 
is easily erased when the forger wishes 
to raise the cheque by "hundreds" or 
by "thousands." DON'T use abbrevia- 
tions on cheques; DON'T use initials. 
The more writing on a cheque the less 
liability to forgery; 

8 — DON'T think that a "freak" sig- 
nature is any protection against forg- 
ery; the hardest signature to imitate — 

simulate is a plain, bold, dash-off 


9 — DON'T hesitate to use a "rubric" 
under Your signature, as a protection 
against forgery, just because someone 
tells You it is "old-fashioned"; all 
rubrics used add to the difficulties of 
the would-be forger; 

10 — DON'T form the habit of using 
just "any old pen" or "any old ink" 
for important cheques. Always aim to 
write Your cheques, or to sign them, 
with the same sort of a pen; with the 
same sort of ink; and to hold Your 
pen and paper in approximately the 

same position preferably at the same 

table or desk. DON'T write cheques 
with pencils or stylographic pens — a 
coarse stub pen is best. 

(To be continued) 

I 9 2 3] 

Ban kitaly Life page twenty-five 

(Continued from page 23) 

so closely did we crowd upon the heels 
of our Guide that he missed his footing 
and slipped down the last several 
treads. In so doing, he gave us a sud- 
den, unobstructed view of the room 

immediately before us and there, sure 

enough, stood four large casks. 

If our progress up to that instant 
may have been termed somewhat accel- 
erated, from then on it was a stampede. 
Across the floor we dashed, when a 
shout brought us up short, almost 
within reach of the four casks. 

"Hey, you! What you want?" called 
the source of our interruption. 

We saw a blue overall-clad figure, 
wearing a green eyeshade, coming 
toward us from the corner. 

"Those barrels, they got crude oil in, 
an' don't go carryin' no lit cigars 
around there." 

"It's quite all right, Mr. Swanson," 
cried our Guide, who had by this time 
righted himself. "I was just bringing 
these gentlemen down here to show 
them the mechanical department of the 
bank. I tripped coming downstairs; 
they were merely trying to avoid step- 
ping on me." 

This explanation seemed to satisfy 
Mr. Swanson, who we learned was 
chief engineer. In fact, he proved most 
hospitable, showing us through his de- 
partment and describing the way in 
which the air was washed and then 
forced through the building by suction 
fans. He let us investigate the interest- 
ing features of the heating plant, and 
even gave a brief dissertation on the 
merits of the electrical equipment, 
which was, he assured us, of the very 
latest design. 

When we had expressed our thanks 
for the pleasure of our visit in these 
abysmal parts, our Guide conducted us 
again to the stairway and up to the 
floor we had left with such high expec- 

On the Sub-Floor 

"Now we shall visit the collection, 
safe-keeping and Liberty Bond depart- 
ments," the Guide said, and we obedi- 
ently came to heel, with the alacrity of 
trained bird dogs. 

"This department," continued the 
Guide, "carries on correspondence with 
banks throughout the known world, 
making collections for customers of 
ours, or acting as agent for other insti- 
tutions. It performs a vital function in 

the conduct of business, and its import- 
ance is hard to over-emphasize. On the 
other side of the lobby is the safe- 
keeping and Liberty Bond Department. 
Valuable documents may be left in 
custody there and cared for by the 
bank, as though the instruments were 
its own property. The volume of busi- 
ness in Liberty Bonds is of course tre- 
mendous. The Bank of Italy handles a 
larger number of such trasactions than 
any other bank on the Pacific Coast. 
That is why we must maintain a special 
department, dealing exclusively in Lib- 
erty Bonds. 

"And while we are here, I ahould 
like to invite your attention to the Way 
in which the architectural appoint- 
ments faithfully adhere to the plan of 
the main floor. The marble, the color 
scheme, the lighting and the grills them- 
selves are identical with those you so 
recently examined in the banking room. 

"We shall now ascend to the first 
floor ; and forthwith our major domo 
led the way up a broad marble flight of 

"Here you are, back at the starting 
point," he exclaimed. And so we were! 

An Appreciative Party 

"How can we thank you?" we all 
cried with one voice. "You have done 
us an extraordinary favor, and we shall 
be eternally grateful to you for the 
patience you have shown with us." 

"Gentlemen," he said, "it is nothing. 
I would gladly go through with the 
experience again. In fact I expect to do 
it again and again. If I am not mis- 
taken, there is, even now, a party near 
the elevator waiting for me to conduct 
its members from floor to floor. It is 
my privilege, as well as my duty, to 
verbally interpret the spirit and scope 
of Bank of Italy service. If I have, in 
a measure, clarified your impressions 
of this institution, then, indeed, I am 

"If you have faith in the accuracy of 

my representations which I hope you 

have and if I have drawn my word 

pictures with sufficient clarity then we 

have faith, hope and clarity. But the 
greatest of these is clarity." 

And with a profound bow, our 
Guide, who had safely piloted us from 

cellar to garret, made his departure 

leaving us, I noticed, conveniently 
within reach of the New Accounts 


Bankitaly Life 



Miss Gibbons and Miss Lemon, two 

former "pals" at the head office, 

meet again. 

George Shannon McGee, New Busi- 
ness Department, following 
a "new" lead. 

Quartette from the Auditing and 
Inspection Department as they ap- 
peared on a recent hunting trip 
"without arms." 
Rose Van Gisen 

Clarke Farrell 

Miss Guianasso, Foreign Depart- 
ment, enjoying a brief "respite" in 
the women's rest room at the 
head office. 

Photograph by Miss Hartman. 

Bankitaly Life 


W. J. Marra 

Business Correspondence 

Article IV 
'The Ending of the Business Letter" 

By W. J. Marra 

Too often business 
letters fail in the at- 
tempt to get action 
from the reader be- 
cause of weak, un- 
grammatical, or ster- 
eotyped endings. For 
this reason it is not 
only necessary to at- 
tract and interest the 
reader throughout 
the letter, but it is 
also necessary to in- 
fluence and, if possi- 
ble, to stimulate the reader to carry 
out the desired action. 

Here again the fundamental prin- 
ciple underlying all letters— -"write 

from the reader's point of view" 

becomes evident. Your particular letter 
which you are sending on a special 
errand is received by the reader as but 
one letter out of many others. 

If your letter reads in a style similar 
to the other letters which he receives, 
or if it has no distinguishing mark 
about it (such as impressive language 
can give), the reader will not give 
immediate or preferred attention to the 
subject matter of your particular letter. 
The real problem, therefore, before the 
writer is to so write the letter as to 
clearly set forth the action desired and 
to plainly make an appeal that the 
desired thing be done. Such a letter 
will have the effect of overcoming the 
natural inertia of the reader to put off 
until a future time that which you 
desire him to do as soon as possible. 

The reader, from his viewpoint, is at 
all times willing and ready to be of 
service to his correspondents or clients. 
But letters which come to him must 
show by their appeal and tone that the 
matter written about is important to 
both the reader and the writer. In 
such cases, the reader will readily re- 
spond to the action which the writer 
wants done. 

Qualities Necessary to Influence Action 

What qualities are likely to influence 
the reader in his action and how can 
the writer embody them in the letter? 
A clear understanding of these qualities 

are of importance to correspondents if 
they are to write more effectively. Pri- 
marily, the writer must have a thorough 
understanding of his subject before he 
can hope to present it to the reader. 
Second, the subject talked about must 
be expressed to the reader in clear, 
simple language which he cannot pos- 
sibly misunderstand. Only by such 
means can the writer hope to get the 
action which he desires. 

In a previous article, the statement 
was made that the beginning of the 
business letter must interest and hold 
the reader's attention if the message is 
to be delivered in an efficient manner. 
The best way in which this can be done 
is to present the subject under discus- 
sion in the first few words of the letter. 
Once the reader sees the importance to 
him of what you are writing about, he 
will follow through the entire message. 
The body of the letter then acts as the 
basis for the appeal to the reader. The 
end of the letter becomes the writer's 
best opportunity to stimulate and direct 
the reader's action. 
Avoid Mere Complimentary Endings 
In order to influence the reader to 
respond, the tone of the ending sen- 
tence must be strong and forceful. 
Mere compliments do not bring busi- 
ness, nor even good-will. In the ending, 
you have an opportunity to emphasize, 
to hammer home to the reader the 
specific thing you desire him to do. 

To clutter up such an important 
space with mere compliments is to 
invite the reader to fail to respond to 
the desired action because he cannot 
clearly appreciate the importance of 
that action. In other words, your mes- 
sage will lack a definite appeal, there 
will be no distinctiveness about it, and 
for that reason your reader will treat 
it as a routine, humdrum matter. 

Notice the different tone and appeal 
in the following endings: 

Weak: "Thanking you for an 

early reply, we are." 
Better: "In order that we may 
reconcile your account, please 
send us an immediate reply." 
Weak: "Hoping that you can be 
of help to us in this matter, we 
beg to remain." 
Better: "We shall appreciate any 
assistance that you can give us 
in this reference." 

{Continued on page 29) 

_^_ .__ . ™. 

Bin E : '. psi 

V ■■ \ 

■ ■ r - . , 

- - f ;V=- 



A Vigorous "Youngster" 

4845 Mission Street 

Left to right: — Messrs. Herman, Filippi, Grif- 
fin and Glass. Frank F. Risso, assistant vice- 
president, found it impossible to be present 
when this photograph was taken, so he sent 
along his picture, which was placed in the 
window on the left. The Excelsior branch is 
making very satisfactory progress and is an 
important factor in the development of the 
Mission District. 

JULY, 1923 

B a n k i t a I y Life 


{Continued from page 27) 
Assume a Positive Tone 

Endings which use the participial 
construction, as illustrated, are nothing 
more than "space-fillers." The writer 
may feel that to end a letter without 
some "sliding-off" phrase, like "Thank- 
ing you for past favors, we are," is to 
show a lack of politeness toward the 

This idea is incorrect, for if a state- 
ment is important enough to be put at 
the end of a letter, it is important 
enough to be stated in a positive tone. 
The necessity for such a tone becomes 
apparent if we glance at the average 
ending expression which merely "fills 
up," but does not end, a letter. The 
remedy is to pick cut an idea which 
expresses your desired action, and state 
it to the reader in a positive tone. 

The following are a few examples of 
forceful endings: 

"Please let me know by return 
mail of the present status of this 

"We shall appreciate your send- 
ing to us all the documents you 
have in your possession so that 
we can close this matter to your 

"In view of these facts, please 
inform the Mercantile National 
Bank by telegram that this item 
has been protested." 

These endings are courteous yet 
forceful; moreover, they are not offen- 
sive in tone. They endeavor to convey 
to the reader a concrete, positive idea 
which is constructive and therefore 
builds for the future. 

In conclusion, remember that in the 
ending of a letter, the writer must: 

1. Avoid mere complimentary 
endings be original. 

2. Avoid "sliding-off" endings 

end with a definite statement 
followed by a period. 

3. Avoid a negative tone make a 

forceful statement at the end 
which not only stimulates to 
action, but also is constructive 
in character. 

He is not a rich man and is not of the 
type that becomes rich, but with such 
a policy it is improbable that he ever 
will be poor. There may be difficulty 
in carrying out the 1 per cent plan 
while occupying the White House, and 
yet by simple living it should be pos- 
sible. If so, the end of his first term 
alcne should find him in a position well 
above any fear for his financial future. 
But the great gain of saving 1 per 
cent, or any reasonable percentage, of 
each salary instalment is not so much 
in the total of money accumulated as 
in the strengthening of character. 
Economy is twice blessed, for it adds 
to both mental and material posses- 
sions. Self-control is more than riches, 
and by nothing else is self-control as 
much developed as by saving. — Ex- 


A few weeks ago Manager Armanino 
of our Bay View branch, San Francisco, 
was surprised to have a representative 
of another bank come to his home 
seeking business. "Armie" having lis- 
tened attentively to the young solic- 
itor's plea, told him that his banking 
connections were most satisfactory and 
that he could not consistently make a 
change at present. 

A sailor lad client once drifted into 
our head office and said he wanted to 
speak to Mr. Human Nature, assistant 
vice-president. A quick-witted office 
bey soon realized that Uncle Sam's 
protege wanted to meet Herman Nater, 
known far and wide as a friend of the 
men "who go down to the sea in ships." 

Saves Money 

President Calvin Coolidge says he 
has never failed to save at least I per 
cent of each salary instalment received. 


The stout old lady struggled val- 
iantly to mount the high step of the 
waiting omnibus. 

"Come along, Ma," urged the con- 
ductor; "if they'd given you more yeast 
when you was a gal you'd be able to 
rise better." 

"Yes, young man," she retorted as 
at last she hoisted herself up trium- 
phantly. "And if they'd given you a 
bit more yeast you'd be better bred." 
— Exchange. 

PAGE THIRTY D _ _ L ; + n 1 ., T ' 1 [JULY 

Bank italy Life 

Photograph by Mrs. Ferrari. 

Louis Ferrari, Trust Attorney, Bank of Italy, while on a vacation with his 
children at Delia Lake, Mariposa County. 

"By sports like these are all our cares beguiled." 

Some Thoughts Inspired by the Above Picture 

Adapted from Parlette 

There is a little silvery sheet of water in Minnesota called 
Lake Itasca. There is a place where a little stream leaps out 
from the lake. 

"Ole!" you say to your guide, "the lake is leaking. What 
is the name of this little creek?" 

"Creek! It bane no creek. It bane Mississippi River." 

So even the Father of Waters has to begin as a creek. This 
is the cradle where the baby river leaps forth. Everything in 
nature, a great man and a mighty river, starts about alike, in 
a small way. 

19 2 3] 

Bankitaly Life 


On Having a Photograph 
Taken for Bankitaly Life 

By May Winburn, 
Executive Department Head Office 

"Close your mouth, please," said the 

In everyone's life there comes a time 
when the necessity for having a picture 
taken assumes paramount importance. 
Perhaps the folks at home have written 
ycu insisting that "as it is now exactly 
two years to a day since you went west, 
ycu owe it to them to send along your 

Another reason for a photo, perhaps 
a more "compelling" one, is that which 
emanates from our Editor, who ap- 
proaches you smiling and hands you an 
order on the photographer. He tells 
you that the success of the next issue 
of the bank's house organ is absolutely 
dependent on the appearance therein 
of your picture. "Go forthwith," he 
says, "to the photograph gallery and 
have your features, hair, and expression 
reduced to a 5x8 noko." You promise 

to do this and before you realize it 
are on your way. 

Arriving at the studio you take the 
elevator to the manager's office and 
after the preliminaries are arranged, 
you are politely pushed back into the 
"lift" and deposited in the "operating 
room." By this time your courage be- 
gins to fade and you wonder why you 
ever came. 

There is, however, one vague hope. 
Perhaps the camera man will be so 
kind that you will just naturally smile 
at him, and lo, the picture will be taken 
before you are fully cognizant that 
another distinguished Californian has 
been pictured and will be immortalized 
in the pages of Bankitaly Life. 

A glance at the artist blasts all your 
expectations, for instead of that amia- 
bility you had hoped for, he looks at 
you so seriously and appraisingly that 
ycu immediately become conscious of 
all your physical shortcomings. The 
picture is going to be a "fright." You 
are sure of it. 

You are helped into a chair and as 
you relax, the operator grabs you by 
the arm, wheels you about, and tells 
you to look over your shoulder at him. 
"Right here, please," and your head 
is turned to the left as the camera 
specialist steps back a pace to survey 
the effect, then returns and twists your 
head to the right. 

After that your chin is tilted to an 
impossible angle, and when you are 
told that your expression is too serious, 
you smile in a nice, friendly, ingratiat- 
ing way in hopes he won't come back, 
but he does and says "Close your 
mouth, please"! As you snap your lips 
he clicks the camera and it is all over. 
Then he waves you a "good-bye" as 
with a bored look he walks into his 
inner sanctum, to complete your 
shadowy outlines. 

You disentangle yourself from your 
chair, then slowly recover your dazed 
senses as you wend your way to the 
street and inhale a deep breath of fresh 
air, vowing that you shall never, never 
again go through that ordeal. 

Two days later you receive the proof 
and gaze at it with alarm. Your very 
worst fears are realized, for, of course, 
it does not resemble you at all. You 
then show the awful thing to the 
Editor, who smiles reassuringly and 
reminds you that "the photographer 
will be glad to give you another 


One of five rivers, fed by the snows of the Sierra Nevada Mountains, that pours its 

waters into the San Joaquin Valley. 

BANKITALY LIFE— August, 1923 

A Trip to Mt. Lowe Observatory, Southern California. Six Thousand Feet Above Sea Level. 




Head Office 

Volume 7 

AUGUST, 1923 

Number 8 

John H. Skinner, Vice-President 

Mr. Skinner's desk is just inside the 
front door of our Montgomery Street 
branch, where Jack greets our clients 
"coming and going." He is a junior 
member of the Society of California 
Pioneers and as such is much pleased 
to realize that his principal banking 
activities are in the very heart of old 
Yerba Buena, our city's first name. 

Within a radius of four blocks of this 
branch, most of the early important 

history of the English-speaking settlers 
of San Francisco was written. The very 
spot on which this building stands was 
the landing place of the sloop-of-war 
Portsmouth, in command of Capt. J. B. 
Montgomery, who raised the American 
flag for the first time in San Francisco. 

The first public school in California 
was erected in our near-by Plaza. In 
fact, even a glance at the interesting 
picture on the preceding page speaks 
eloquently of the right of our Mont- 
gomery Street branch to have its site 
regarded as historic. 

Angelo J. Ferroggiaro, vice-president, 
who shares with Mr. Skinner the pleas- 
ure of supervising operations at Mont- 
gomery and Clay Streets. 

[AUGUST, 1923] 

Bank iialy Life 


The Basis of Credit 

By Harold G. Moulton 

Professor of Political Economy 

University of Chicago 

There has been a great deal of dis- 
cussion, participated in by both econ- 
omists and practical credit men, con- 
cerning the essential basis of a credit 
or borrowing operation. Some writers 
on the subject have stoutly insisted 
that confidence is the basis of all 
grants of credit; that if one did not 
have confidence that the borrower 
would repay a loan he would never 
think of making the loan, save on 
grounds of friendship or philanthropy. 
Others have held that property, rather 
than confidence, is the basis of all 
genuine credit transactions. And still 
others insist that character is the es- 
sential factor; while some recent 
writers have indulged a propensity for 
alliteration by stating that the bases 
of credit are character, capital, and 
capacity; or the man and the means; 
or reliability and resources. 

A Competent Credit Man's Tabulation 

Without attempting to enter into a 
discussion of the reasons for these dif- 
ferent statements cf the basis of credit, 
a tabular exhibit of matters commonly 
investigated by competent credit men 
will indicate that while confidence 
must exist before a loan will be 
granted such confidence has its basis 
in a knowledge of the borrower's 
financial standing and ability and of 
his personal integrity. The things that 
are usually investigated may be 
grouped in two general classes as fol- 

Pertaining to the Man 

a. Record for honest dealing 

b. Personal attributes 

1 . Gambling and dissipating tend- 

2. Political and other "outside" ac- 

3. Style of living, including wife's 
social ambitions 

c. Ability 

1 . Common sense and shrewdness 

2. Education and technical training 

3. Age and general experience 

4. Success already attained 

Pertaining to the Business 
a. Ratio of quick assets to current 

b. Amount of capital invested and 
property owned 

c. Earnings of business 

d. Character and rate of turnover of 

e. Location of business 

f. Character of the business organiza- 


g. Insurance carried 

h. Nature and intensity of the com- 

Inter-Relation of Credit Requisites 

The above list of factors is by no 
means inclusive; it is designed merely 
to be suggestive of the character of 
the investigation that must be made if 
credit is to be conservatively extended. 
It will be noted, also, that the points 
raised in the two classes referred to 
are not entirely unrelated. A man of 
excellent business ability, for instance, 
would be practically certain to have a 
proper ratio of quick assets to current 
liabilities, substantial earnings, etc.; 
and, on the other hand, if it were 
found that a business was poorly 
equipped and managed, there would 
be a definite reflection upon the man- 
ager's business capacity. Investigation 
both of the man and of the business, 
usually serves, however, to furnish a 
more adequate basis for a sound judg- 
ment than investigation of either one 

One may conclude from this brief 
analysis that before deciding to extend 
credit one should have confidence, 
first, in the ability of the borrower to 
pay as promised, and, second, in his 
willingness and intention to pay. One 
is a matter of property and business 
ability; the other a question of honesty 
and business integrity. The basis of 
credit may be diagrammatically pre- 
sented as follows: 

/ 1 . Character o f 
\ man (Inten- 
tion to pay) 
,2. Character o f 
to pay) 

Credit Confidence- 

\2. Ch; 
I bus 

\ ity 

"And now," cried the lawyer, "I 
wish to tax your memory." 

"Good Lord," a man in the audience 
cried, "has it come to that?" 


[AUGUST, 1923] 

Bankitaly Life 


Banks and Bankers 

Mr. Cahill, prominent publicity man, 

lauds President Giannini and 

Bank of Italy 

We'll bet our bottom dollar there 
are not two dozen men in any com- 
munity who can get into the private 
office of the Lord High Keeper of the 
Wampum of any bank in their city. 
The Bankers' Refrigerative Protective 
System works too perfectly. 

Cold marble woodwork chilly iron 

bars to keep the coin in frosted glass 

to keep the realm out icicles for 

fingers frigid looks clammy hand- 
shakes — frozen credits and on the 

walls, photographs of Yosemite in win- 
ter. Soft-looking chairs with hard-sit- 
ting cushions You know the bank I 

mean and the banker any one of a 

dozen you can name offhand. Bankers 

would make good undertakers one 

look and you're guaranteed to keep in 
any climate. 

If they are human they are success- 
ful in not showing it. Try to get in 
to one of them. Follow your card 
along its route to the cold storage de- 
partment. Glares suspicion — n o n- 

commital grunts and nods even the 

American flag on the wall seems to 
have stiffened into a permanent wave. 

How glad a regular man is to get 
out before rigor mortis sets in! 

Why are barkers such? Does the 
Midas curse still exist? Are thev all 
owners of the Wild Ass' Skin? 
Grouchy, grim, hard, uncommunicative, 
cold as cash and as bilious as bullion. 

When Cahill Met A. P. Giannini. 

But 1 saw one banker pat a ragged 

Russian on the shoulder smile right 

close up to a voluble Greek without 

flinching shake hands with a seedy 

elevator operator who had his savings 
banked there. And I saw him jot down 
a note about something a millionaire 
remarked on and make an appointment 
for lunch with a fellow who had nerve 
enough to say he wanted to borrow 
some money. And it was noisy there 

where his desk was right out where 

the sun had a chance to strike right 

out in the open where a body could 
step up without being announced and 
bother him over a bit of business or 

A dozen strange tongues clacked and 
gargled round about him a dozen be- 
wildered folks got dis-bewildered at his 

smile and advice. But what a busy 
place it was — and how that bank does 

The biggest bank of all I guess 

and the most human — because the man 
at the top acts like real folks. 

Nope we don't have his account. 

But we like him he seems to realize 

that bankers should be real folks not 

congealed folks; that they should guide 
not hide; be human, not Hyper- 

A. Pedrini, V. P., Advocates 
Walking as Best Exercise 

Ten years ago Armando Pedrini, 
vice-president, head office, won a beau- 
tiful silver cup in a twenty-mile walking 
contest, from San Francisco to San 
Mateo, in which thirty pedestrians par- 
ticipated. Since that time no one has 
succeeded in wresting our friend's 
honors from him and he still holds the 
cup, an undefeated champion. Ar- 
mando has always maintained that 
nothing is so conducive to physical 
fitness as a brisk walk, particularly in 
San Francisco. 

Los Angeles New Business Department 

Winning Tug of War Team at the Annual Picnic, Bankitaly Club 

[AUGUST, 1923] 

Bankitaly Life 



By Harvey A. Blodgett 

It takes enthusiasm to make a suc- 
cess of whatever you are trying to do. 
Nobody can get there without it. 

You can't win success with enthusi- 
asm alone. 

Enthusiasm alone is the mother of 
more failures than any one can count. 
Alone, it breeds visions; just visions. 

Two things must be linked with 
enthusiasm to make it produce results; 
to make it pay dividends; they are di- 
rection and hard work. 

If enthusiasm isn't directed it wastes 
its powers on the desert air. It at- 
tacks windmills, shovels fog, goes in 

peace ships and then turns around 

and does something else. 

Enthusiasm, without direction, is 
always starting somewhere and getting 

Enthusiasm, without direction, al- 
ways sees glorious advantages around 
the next corner. And when the corner 
is turned, it sees some advantages 
around another corner, and scorns to 
pick up the prizes which lie at its feet. 

When Steam Does Not Propel 

I know a man who is such a bustling 
enthusiast that you can almost see 
steam coming right out of his shoes. 
But I've noticed that the steam seldom 
propels him anywhere. It seems to 
lose itself in thin air. Then he cools 
off until he gets up more steam. 

Enthusiasm, without direction, sees 
visions of big things almost within 
grasp, but the eyes are blinded to the 
things to do in order to grasp the 

Enthusiasm, when it runs unchecked 
and undirected, expects that advantages 
will be dropped in one's lap without 
effort on his own part. 

The other factor which makes 
enthusiasm an asset instead of a liability 
is hard work. 

The enthusiast, unless he engages 
daily in fervent prayer and work, is 
likely to let his ardor, his zeal, his 
optimism, his earnestness, his passion, 

his frenzy, lead him, along the lines 

of least resistance. He's busy being 
enthusiastic. And when enthusiasm lets 
down, and the joy of achievement does 

not buoy the soul, oh, the weariness 

that follows! 

Enthusiasm is apt to turn the pil- 
grim from obstacles, because he thinks, 
forsooth, life ought to be so easy that 
"b'gosh, there should be no obstacles." 

God bless the man who puts direction 
and hard work behind his enthusiasm. 
He's marked for a sure winner. 

When a Cold Spray is Needed 

Seme enthusiasts mistake for cap- 
tains of gloom people who essay to 
give direction to their efforts. 

They consider the staying hand of 
common sense as buckets of cold water 
soused on their plans. The enthusiast 
dreads cold water as the burnt child 
dreads the fire. 

When the fire of undirected en- 
thusiasm kindles one, sets him aflame, 
burns up his judgment, scatters his 
sparks to the four winds, then he needs 
a cold spray to stay the fever, cool 
the brain and clear his eyes to see the 
road ahead. 

Be an enthusiast, but don't mistake 
dreams for power. Test yourself. 

When you are sure of yourself, with 

power, enthusiasm, direction and hard 
work the prizes of life are yours. 

A Pre-war Picture 

These four "old" pals sat for this 

photo January 3, 1917. Left to right: 

Messrs. Gamboni, Sala, De Martini and 
Mario Giannini. Mr. De Martini died 
during the world war, while serving 
his country. 

Fountain of Ceres, Entrance Court o£ Folk 

Reproduced in recognition of Agm!^' 

Eis, World's Fair, San Francisco, 1915 
he basis of all prosperity 


Bankitaly Life 


Jas. A. Bacigalupi 

Head Office News 

James A. Bacigalupi 
will represent our 
bank at the annual 
meeting of the Amer- 
ican Bankers Asso- 
ciation in Atlantic 
City. We hope that 
the convention s ac- 
tivities may so shape 
themselves as to per- 
mit our vice-presi- 
dent saying even a 
few words in his own 
eloquent way. That 
would be a rare treat for the delegates. 
Major Milton H. Epstein, vice-presi- 
dent, was signally honored in being 
one of a very small group at President 
Harding's bier, when the final leave- 
taking took place in the Palace Hotel, 
just before the funeral cortege started 
for Washington, D. C. 

Andrew J. Daneri, the first manager 
of our bank's supply department, has 
just received the degree of Doctor of 
Dental Surgery from the University of 
California. Andrew was with our 
bank when the call to arms came, 
about six years ago, and he at once 
entered the service of Uncle Sam. 
After a distinguished military career 
in France, he returned to San Fran- 
cisco and took up the study of den- 
tistry. All of "Andy's" former bank 
associates surely wish Doctor Daneri 
an abundance of success in his chosen 

When Mrs. Lorraine McDonald, ma- 
tron of our women's department on 
the sixth floor, was returning from her 
vacation in southern Oregon, the stage 
in which she was riding collided with 
a locomotive, resulting in fatal injuries. 
The funeral took place in Oakland and 
a number of sorrowing friends, includ- 
ing many associates from the Bank of 
Italy, were in attendance. Herman A. 
Nater, assistant vice-president, pro- 
nounced a beautiful eulogy over the 
remains of our departed associate, 
whose memory we shall hold in tender- 
est recollection. 

Wm. B. Sullivan, formerly of the 
state bank examiner's office, has joined 
our organization and is now associated 
with our trust department. We wel- 
come Mr. Sullivan, whose activities 
with our institution will bear at least 

one striking point of resemblance to 
his former duties, in that they will be 

The remarkable success of our "tug 
of war" team in contests with other 
banks, has caused one of our head 
office officials to interview the editor 
for the purpose of arousing interest in 
another matter, an inter-bank singing 
contest. Louis Ferrari says he knows 
of a bank quartette, consisting of three 
tenors and a bond salesman, that he 
will pit against anything alive. They 
always sing at their own request, Louis 

James J. Hickey, faithful employee 
of our safe deposit department, suf- 
fered injuries a few weeks ago, when 
he was struck by an automobile while 
crossing E. 1 4th Street, Oakland, that 
caused his death twelve hours later. 
Mr. Hickey had been in the employ of 
our bank for over ten years serving 
as chief of the night service at the 
vaults of the old Market Street branch 
and at the head office. His funeral 
took place from St. Elizabeth's Church, 
Fruitvale, and was attended by delega- 
tions from the Bank of Italy and the 
Liberty Bank. We tender our very sin- 
cere sympathy to his devoted wife. 

The Bureau of Research and Infor- 
mation of the California Development 
Association, is collecting complete and 
accurate data on our state's various 
commercial, industrial and agricultural 
resources, as well as on its other enter- 
prises. It is building up comprehensive 
files and library collections of publica- 
tions and reports so as to make them 
available for organizations or individ- 
uals who are constantly seeking ma- 
terial of this nature. We trust that all 
the members of our staff at every 
branch will take advantage of this 
splendid opportunity to acquire valu- 
able information when called upon by 
clients for reliable data concerning the 
matters referred to. 

College Avenue 

As many members of the head of- 
fice Bank of Italy staff reside in this 
district, may we suggest that they open 
accounts with us. In doing so' it will 
doubtless prove to be a convenience 
to them and incidentally it will add to 
the prestige of our branch. In return 
for their consideration, we promise 
service that will not suffer by com- 
parison with that at any other branch. 

Bankitaly Life 


Pres. Fillmore 

Fillmore-Post Branch 

The street on 
which this branch 
operates, was named 
in honor of Millard 
Fillmore, 1 3th Presi- 
dent of the United 
States. He was elec- 
ted Vice-President in 
1848 and when Pres- 
ident Zachary Taylor 
died in 1850, he suc- 
ceeded to the Presi- 
dency. While a mem- 
ber of Congress he 
carried an appropriation of $30,000, 
against very strong opposition, to as- 
sist the Morse telegraph. It was during 
his term as President, that Commodore 
Perry opened up diplomatic relations 
with Japan. Fillmore died in 1874 at 
the age of 74. 

One of cur Market-Geary branch 
colleagues maintains that it might be 
truly said that prohibition, so far as 
Fillmore Street is concerned, has 
proven a rank failure because our 
boulevard is "lit up" every night. This 
is rather an unkind observation for 
"Market-Geary" to make, particularly 
when one recalls why it was necessary 
at one time to widen the sidewalks on 
Market Street. 

Santa Clara Branch 

John Philip Sousa had an interesting 
time at Lake Tahoe this summer. He 
penetrated woods where the foot of 
man ne'er trod, places where the trout 
came to the surface and just begged 
to be taken out. At one time, it is said, 
John came very near going to another 
mountain resort, where he could get 
greens three times a day, but the 
farmer's family ate with the hired hands 
and maybe J. P. didn't fancy that. 

Another building permit involving 
an expenditure of $350,000 has just 
been issued to Santa Clara University, 
where four new buildings are now in 
course of erection, Science Hall, 
Kenna Hall, Engineering Laboratory 
and the Gymnasium. 

Miss Lamb is on her vacation and 
we hope that it will not be followed 
by an "exchange of photographs" with 
his picture propped up on the piano 
in a gilt frame, for we don't want to 
lose our Nella. 

Hayward Branch 

Our Farm Show was well attended 
besides being a great financial success. 

Secretary Lee, Chamber of Com- 
merce, has resigned to accept a similar 
position in Santa Rosa. We congratu- 
late our friends and bank associates in 
Sonoma's county seat, in having 
secured a gentleman so well equipped 
for the duties of his new station. 

Matt C. Petersen, chairman of our 
advisory board, has been tendered our 
deepest sympathy because of the sor- 
row that has come into his home 
through the demise of his daughter 
and granddaughter who were victims 
cf an automobile accident. 

During the present packing season, 
our local cannery has been employing 
800 people, many of whom come here 
every year from as far east as Salt 
Lake City, no small tribute to the ex- 
cellent treatment they receive in Hay- 

The unsatisfactory prices that our 
orchardists were offered this year for 
their very large crops, caused a num- 
ber of them to dry their fruit and to 
hold it in anticipation of an advance 
later on. 

We have had, in common with other 
parts of the interior, a recent warm 
spell during which our thermometer 
shot up to over 1 00 degrees, for three 
days. As our banking room has a 
southern exposure of glass, working 
conditions at that time were well nigh 
intolerable, as old Sol looked on and 

Vacations: Miss Silva went to Rus- 
sian River; "Pink" Leonard to Yosem- 
ite; Miss Moura to Portland. These 
young people had wonderful expe- 
riences, but they are happy to be back 
in dear old Hayward with its pleasant 
home associations. 

San Miguel Branch 

Grain is now moving from this sec- 
tion in such satisfactory quantities as 
to cause an incidental counter move- 
ment of funds in this direction. 

Most welcome recent visitors at this 
branch were Mr. and Mrs. Rufus Ogil- 
vie, who were on their honeymoon. 
They passed through here en route to 
Pismo Beach, where they were to en- 
joy a clam bake. After that they were 
going direct to Taft, where Rufus is a 
prominent member of our bank's staff. 


Bankitaly Life 

Oakland Branch 

John A. Britton 
in 1893 

We have just come 
into possession of 
this picture of the 
late John A. Britton, 
general manager of 
the Pacific Gas & 
Electric Company, as 
he appeared when an 
executive of the 
gHHBfflf&'i Oakland Gas Com- 

pany, thirty years 

Oakland recently 
mourned with San 
Francisco when John 
A. Britton passed on, for during his 
early career he was very closely asso- 
ciated with this city's progress. 

It was in Oakland that Mr. Britton 
laid the foundation of his intimate 
knowledge of light, heat and power 
problems that were later developed 
commercially, into an unparalleled 
statewide service, through the great 
public utility corporation of which he 
was the active head. 

Mr. Britton's name shall always be 
linked with the foremost leaders of 
our state in the upbuilding of this 
commonwealth. Among his friends 
and co-workers he shall be ever re- 
membered for his broad, human sym- 

Fruitvale Branch 

The fatal accident to James J. 
Hickey of the head office, safe deposit 
department, occurring as it did near 
our branch, caused profound sorrow 
among his local associates. 

Transfers of Fruitvale realty have 
been unusually active during the past 
month and the prices obtained clearly 
indicate the trend of business in this 
direction. East 1 4th Street seems des- 
tined to be to our Broadway in Oak- 
land, what Mission Street is to Market, 
in San Francisco, a sturdy adjunct. 

A. H. Kopperud, chairman of our 
advisory board, almost defeated At- 
torney Hynes in a closely contested 
golf game, a few weeks ago. Mr. Kop- 
perud promises to become as famous 
on the links as our Mr. Thurston is 
on the diamond. 

Our best wishes have been conveyed 
to Comrade Dipple on his marriage. 

Columbus Avenue Branch 

James Raggio, our manager, is so 
pleased at the progress of this new 
branch that he thinks when we have 
accumulated deposits of two million 
dollars, in a few months more, that we 
shall be hailed with loud acclaim, not 
unlike that which our patronymic re- 
ceived on his return to Spain, after 
discovering a New World. 

Jim delights in delving into early 
American history and nothing pleases 
him more than the recital of events 
leading to the reception of Columbus 
by Ferdinand and Isabella; of how the 
great Genoese navigator entered Bar- 
celona exhibiting the "rich and the 
strange" of new found lands; Indians, 
gold, cotton, parrots, mysterious 
plants, unknown birds and beasts. The 
title of Don was then conferred on 
Columbus because of his accomplish- 
ments and if there is no objection, we 
should like to confer a similar title on 
our Jim, right now, for what he has 
already done for this branch! Exit 
"Jimmie:" Enter "Don" Raggio. 

Fresno Branch 

When Mr. Arvedi, assistant cashier, 
returned from his vacation he was 
accompanied by Mrs. Arvedi, formerly 
Miss Doris Trautwein, a beautiful and 
accomplished young lady of this city. 
Our best wishes to these young people 
for a married life of unalloyed felicity. 

Jane Fulgham, of our statement win- 
dow, was so tanned when she returned 
from her annual two weeks rest, that 
few of her associates recognized their 
erstwhile fair co-worker. 

Roy Ingram has been transferred to 
Los Angeles and his leave taking was 
marked by many evidences of real sor- 
row. For particulars call at our ex- 
change window. 

Samuel Parker of our "Burroughs 
Boulevard" has left us to engage in 
a new line of endeavor and we surely 
wish Sam success. 

Staff brevities: Lloyd Johnson' is now 

"one of us." Donald L. Thomas 

represents the head office bond depart- 
ment George Barberick has been 

promoted to a window Virgil 

Dunton is affiliating with our collection 

19 2 3] 

Bankitaly Life 


C. E. Robinson 

Los Angeles Branch 

C. E. Robinson, 
our assistant man- 
ager, and a member 
board of governors, 
Los Ansreles Chapter, 
A. I. B., addressed 
the national conven- 
tion of the Banking 
Institute at Cleve- 
land, on "Dormant 
Accounts." Mr. Rob- 
inson discussed the 
most approved meth- 
ods o f revivifying 
such accounts. 
When L. Scatena, chairman of the 
board, visited Los Angeles several 
weeks ago he freely acknowledged the 
fascination of the southland and of 
Los Angeles in particular. We hope 
some day to call the "Boss" an Ange- 
leno rather than a San Franciscan, al- 
though, we must confess that either of 
these names imply association with a 
city, beautiful and distinctively charm- 

The Los Angeles Chapter Bankitaly 
Club came into existence on August 
16th when 275 members of our staff 
were present to listen to Joseph Martyn 
Turner, assistant cashier head office, 
who came here to assist us organize. 

H. J. Pye was elected president of the 
L. A. Chapter, Hal Stanton, vice-presi- 
dent; Lyal Cruickshank, treasurer, and 
H. R. Smith, secretary. After the 
meeting refreshments were served and 
the initiates danced. Thus was launched 
the L. A. C. Bankitaly Club. 

The "Headquarters Bank of Italy for 
Southern California," another designa- 
tion for this branch, is probably going 
to be more than a name because two 
assistant vice-presidents from the head 
office have recently been transferred 
here, Messrs Nater and Risso. Mr. 
Nater is working with W. H. McGinnis 
Jr. in developing our "new business" 
department while Mr. Risso is render- 
ing valuable assistance in our foreign 

Many members of our staff in the 
northern part of California spent their 
vacation in Los Angeles and made their 
headquarters at this branch. Among 
those interviewed by your correspond- 
ent were Messrs. Allison of Oakland, 
Beck of Stockton; Allen, Evers and Rus- 
sell Smith from head office; Mrs. 

Juliette Atkinson, credit department, 
San Francisco. All of our visitors mar- 
vel at the growth of this city. 

Vacation brevities: Phil Beach picked 
prunes, but not for pay, while Harry 
Parker gathered peaches. Ber- 
nard Vogelsang went up in the hills 
near Bishop. Earl Sage negoti- 
ated the high Sierras and then de- 
scribed them with reverential awe. 

Messrs. Lyons, Dessert, Viotta and 

Marcinek were at Lake Arrowhead 
where Ed. Lyons acted as chef for 
six days, when the party decided to 
board with a family at six dollars a 
week, with the use of a horse. These 
four boys are already planning a two 
weeks outing for next year that may 
include a trip to Tia Juana, Catalina 
and Lake Louise, Canada, with stop 
overs at Wasco, Redwood City and 
Gridley. Why not? 

Gridley Branch 

The local packing plant of Libby, 
McNeill and Libby, has had a very suc- 
cessful season's run on peaches. We 
look forward to the time when our 
farmers will raise such diversified crops 
that a packing house or cannery will 
operate here during the entire year. 

Manager James R. Craig recently 
visited Los Angeles to meet his family 
who have been in Southern California 
for the past few months. Jim reports 
much activity in the south, and says it 
will unquestionably have its reflection 
in the northern part of this state, for 
our section also has its charms. 

Miss Mona Carnahan, transit clerk, 
has returned from her vacation trip 
that included a visit to our Los Angeles 
branch, where she was pleased to see 
our big bank operating in such a big 
way in what the southerners rightfully 
claim is a big city. Mona is about to 
leave us for the transit department of 
our Chico branch. 

The prospects for a good rice har- 
vest are excellent. If the present warm 
weather continues, we shall soon hear 
the hum of the binders and the har- 
vesters in this comparatively new 
California industry. 

Teller Williams is deer hunting in 
the wilds of Humboldt County and we 
may enjoy a nice juicy venison steak 
on Ray's return. If not, we shall know 
it was not because our teller didn't 
try, as he left here with ammunition 
enough for "awful slaughter." 


Bankitaly Life 


Gov. Olcott 

Long Beach, American Sav- 
ings Bank 

The acquisition of 
this bank, by the 
Bank of Italy, has 
been considered 
throughout this com- 
munity as a substan- 
tial recognition by 
California's biggest 
financial institution, 
of the future of this 
remarkable city that 
has, in a decade, 
grown from a mere 
town to a modern American municipal- 
ity, with "skyscrapers" everywhere in 

A $1,250,000 bank and office build- 
ing, twelve stories in height, is to be 
erected on the Northwest corner of 
Third Street and American Avenue, 
for the Bank of Italy. The first floor 
and basement will be occupied by the 
bank and the other eleven stories will 
be devoted to offices. 

Former Governor Ben W. Olcott of 
Oregon has been elected president of 
the American Savings Bank. Mr. Olcott 
was formerly associated with the banks 
and bankers department at the head 
office of the Bank of Italy, but came 
here with his family at the time he 
was chosen head of this Long Beach 

P. J. Dreher, director of the Bank 
of Italy and a pioneer resident of Long 
Beach, has been elected vice-president 
and director of this bank. Mr. Dreher 
has extensive interests in this city. 

Live Oak Branch 

Miss Schwedhelm, our general book- 
keeper, has returned from her vacation 
near Lake Almanor, Plumas County. 
It was an ideal place for an outing 
with nature ever smiling, far away from 
railroad, telegraph, telephone and even 
radio communication. 

We are pleased at the prominence 
given in Bankitaly Life to the Father 
of Live Oak, as well as to the founders 
or patronymics of other California 
communities, such as Chico, King City, 
Livermore, Hanford, Hollister, Hay- 
ward, Bakersfield and Tracy. Cali- 
fornians should become more familiar 
with their state's romantic history. 

Hanford Branch 

The discussion started in Bankitaly 
Life as to the origin of the name 
Hanford, as applied to our city, has 
brought forth the following interesting 
letter from W. F. Ingram, Assistant 
Treasurer, Southern Pacific Company: 
San Francisco, California. 
August 17, 1923. 
Editor, Bankitaly Life, 

c/o The Bank of Italy, 
Dear Sir: 

I note that on page 23 of your June 
issue, reference is made to the naming 
of the town of Hanford, California, 
and you ask for any data which 
might bear on this subject. 

I referred the question to one of the 
former Assistant Treasurers of the 
Southern Pacific Company at this 
point, Mr. C. H. Redington, now on 
retired list, who states that he re- 
members very well when the town of 
Hanford was named; that it was un- 
doubtedly named for Major J. M. 
Hanford, Paymaster of Southern Pa- 
cific Company for many years and, 
prior to his connection with the rail- 
road, a California State Senator; that 
Major Hanford had a record in the 
army and was a very close personal 
friend of Senator Leland Stanford; 
that at the time the town was named, 
Southern Pacific railroad men gen- 
erally were pleased at the honor shown 
Major Hanford, who was quite well 
known to them all. 

I think this is about as close to 
authentic information as can be ob- 
tained, and I am glad to be able to 
transmit it. 

Very truly yours, 

(Signed) W. F. INGRAM. 

Marysville, Rideout Branch 

Leon Dassonville, assistant cashier, 
while on his vacation in Oregon, met 
an octogenarian, a former client of the 
Rideout Bank, who deposited with us 
at one time, great big gold pieces 
(fifty dollar slugs). That, however, was 
before Leon's time. 

Sutter and Yuba Counties have har- 
vested 70,000 tons of cling peaches 
this year which California canneries 
prepared for future consumption, by 
packing them in three and one-half mil- 
lion cases. Our two adjacent counties 
produce 60 per cent of the canning 
cling peaches that are grown in the 
entire world. 

During the height of the peach sea- 


Bankitaly L i f 


son, 157 carloads of this luscious fruit 
were shipped daily, each car containing 
an average of 1 5 tons, the yield of 
about an acre. 

The prevailing price of this year's 
peach crop was $30.00 a ton as against 
an average of over $50.00 per ton dur- 
ing the past five years. 

Vacation News: Mr. Swain, our as- 
sistant vice-president, has been at Car- 
mel; Miss Elder at Yosemite; Mr. 
Dooley at the beaches. 

Contrary to a common belief at our 
Fresno branch, Sutter County is the 
home of the Thompson seedless grapes, 
although we admit that Fresno County 
also produces this type of grape in 
large quantities. Prunes also thrive up 
here, but we know that the French 
prune came to California via the Santa 
Clara Valley, through the intelligent 
constructive efforts of Louis Pellier. 

Martin Murphy 

Sunnyvale Branch 

We are submitting 
picture of Martin 
Murphy, who arrived 
in California in I 844. 
He purchased and 
settled on the Span- 
ish grant "Pastoria 
d e 1 o s Borriegas 
(later known as 
Murphy's, but now 
Sunnyvale) in 1848, 
the same year in 
which gold was dis- 
covered at Coloma. 
Sunnyvale would, therefore, be justi- 
fied in celebrating this year, the 75th 
anniversary of the arrival here of its 
first English speaking settler. 

Our fruit crop has been harvested 
and as it did not yield as much cash 
as in the past, we are adjusting our- 
selves to the new basis. 

C. H. Forehand, assistant cashier, 
has returned from his annual pleasure 
jaunt as brown as a nut, but other- 
wise wholly unlike that hard shell 

Among our advisory board: Frank 
X. Farry camped this year near a 
stream, but found delight in reading 
rather than fishing, for Frank has a 
four-ply intellect. Robert Fatjo 

tains that "work" is a snap and that 
it is the intermissions that do up the 

nervous system. James Ryan is 

home after a few weeks at Gilroy Hot 
Springs where for more than half a 
century, the great and the near great 
have been restored to health through 
the medicinal properties of our county's 
famous waters. 

Eugene Del Monte, assistant to W. 
R. Williams, cashier at the head office, 
has been visiting Sunnydale. While 
we did not meet Gene, we were told 
that he was accompanied by his wife 
and several children, all of whom were 
greatly impressed with our community. 

Tracy Branch 

of Santa Clara, attends 
meetings with regularity. 

our board 
Bob main- 

Messrs. Moore, Stark and Selna, our 
assistant cashiers, spent their vacations 
in the mountains far away from our 
ever present railroad yards, highways 
and other evidences of mobility in this 
great transportation center of ours. 

Johnnie Canale went to the sea coast 
for his annual rest, while Dorothea 
O'Neill decided upon Golden Gate 
Park, San Francisco, as her objective. 
Miss O'Neill spent most of her time 
in the new Steinhart Acquarium, be- 
cause as she said, "One rarely sees 
any fish in Tracy." 

A few weeks ago, Tracy branch was 
honored in having as visitors, two grand 
children of Lathrop Josiah Tracy, after 
whom our city was named. These 
young people came from their home 
in Mansfield, Ohio, in an automobile 
and returned enamoured of California. 
We were happy to show them their 
grandfather's picture in our banking 
room, alongside of which are photo- 
graphs of President Giannini and Man- 
ager Arnold. 

General brevities: Tracy now has a 

magnificent $100,000 playhouse. 

The S. P. Co. pay roll at this point 

is very heavy as is also that of the 
following named oil companies that 
operate big stations here, Standard, 

Associated, Union and Shell. We 

have a modern creamery and ice cream 
factory, second to none in the San 

Joaquin Valley. Irrigation canals 

now surround our district. With this 
plenteous supply of water and a super 
abundance of sunshine, why should 
Tracy not be a "City of Destiny" just 
like those other California communities 
that love to use that phrase in their 
self adultation. 


Bank italy Life 


Telegraph Avenue Branch 

John W. Mackey 

Our name "Telegraph" suggests 
thoughts of a noted Californian, John 
W. Mackey, who sponsored the laying 
of the Mackay-Bennett transpacific 
cable, whereby the Orient and the 
islands of the Pacific have been 
brought in as close touch with Amer- 
ica, as Europe was through the efforts 
of Cyrus W. Field, when the Atlantic 
cable was laid. 

John W. Mackey was one of the 
"big four" Nevada miners, Flood, 
O'Brien, Mackey and Fair, who in the 
"seventies" developed the gold mines 
of Virginia City, Nevada, on which the 
eyes of the world were centered at 
that time. 

The picture of Mr. Mackey shown 
above, was reproduced from an orig- 
inal photograph taken in 1880 at 
Taber's Photograph Gallery, 8 Mont- 
gomery Street, San Francisco, over the 
former office of the Hibernia Bank, 
the site now occupied by the Wells 
Fargo Nevada National Bank. 

Many interesting stories are told of 
Mr. Mackey's kindness towards those 

who once worked with him in the 
mines of Virginia City. It is said, 
whenever he visited San Francisco, 
after he had acquired wealth, that he 
invariably hunted up those less for- 
tunate friends of by-gone days and 
provided for their comfort. 

San Jose Branch 

All the canneries in this section of 
California have been very busy during 
this year's packing season, resulting 
in a substantial increase in the de- 
posits at our branch. 

J. H. Russell, assistant cashier, was 
married recently to Miss Hazel Mathews 
of this city. Our very best wishes 
have been tendered to Mr. and Mrs. 
Russell. With Jack's matrimonial alli- 
ance, his "life" membership in our 
bachelor's club automatically ended. 

When W. E. Blauer, our vice-presi- 
dent, went to Monterey to fish, while 
on his vacation, he didn't write of his 
prowess nor did he wait until his re- 
turn to tell us of his skill as a pis- 
cator. Instead, Bill sent us a dozen 
fine salmon, characteristic of our local 
chief, whose "actions always speak 
louder than his words." 

Frank Mitchell, assistant vice-presi- 
dent and Walter Kenville, our note tel- 
ler, spent their vacation in the Lake 
Tahoe country. Frank and Walter 
say that "Tahoe," an Indian name 
meaning "The Big Water," is a lake 
of many moods. Its unplumbed depths 
are at a higher altitude than the famous 
Swiss lakes, while its waters are of an 
unbelievable blue. The region is one 
of rare delight, unsurpassed for the 
rugged scenery that surrounds it on 
the border line of California and 

Recent visitors to our branch in- 
cluded W. H. Snyder and G. M. Mc- 
Clerkin. Bill and Mac wanted to stop 
at the "Swiss Hotel," of which they 
had read in Bankitaly Life as the birth 
place of President Giannini, but we 
told them that the famous old caravan- 
sary had obeyed the behests of Time 
and "moved on." Then Mac made a 
happy remark that we thought was 
particularly apropos. He maintained 
that the old Swiss Hotel was more than 
the birth place of A. P. Giannini, for 
as such it could also be said to have 
been the "birth place of the Bank of 

9 2 3] 

Bankitaly Life 


Salinas Branch 

Jesse D. Cai 

We are submitting 
picture cf the first 
bank organized in 
Monterey County, 
the Bank of Salinas. 
This bank com- 
menced business on 
October 5, 1873, 

a^ __iw fifty y r rs , ago - j^ e 

fgfw are also pleased to 

K^^jfil present picture of the 
organizer and first 
president of the Bank 
of Salinas, Hon. Jesse 
D. Carr. He was a member of the first 
California Legislature, and while serv- 
ing in that capacity, introduced the 
first funding bill for San Francisco, 
when warrants were cut, drawing 3 c /o 
interest, monthly. Mr. Carr's bill pro- 
vided for the funding of that city's 
debt at 1 per cent per annum. 

When Dunn Van Gisen called here 
recently, he said that he had "spent 
one year, the week before" in a cer- 
tain California community. We have 
been wondering ever since if Dunn 
meant that as a "slam" at an inhos- 
pitable place or was it a little anach- 
ronistic lapsus linguae. 

El Centro, First National 

Although we do not as yet bear the 
name cf a Bank of Italy branch, we 
are prcud to be in the Bank of Italy 

When all the members of our bank- 
ing organization throughout California 
hear of the great things that Imperial 
Valley is doing, maybe they too will 
be proud of their El Centro relation. 

This valley has just shipped over 
1 3,000 cars of cantaloupes. In fin- 
ancing our share of this tremendous 
crop, this bank has flooded Bank of 
Italy branches and affiliations with 
drafts, bills of lading, and some 
"tracers," all of which were given ex- 
cellent attention. 

We are about to start moving over 
1 00,000 bales of cotton, grown in Im- 
perial Valley and contiguous Mexican 
territory, that will be shipped to all 
parts of the world. Local produce 
growers are preparing 25,000 acres of 
lettuce so that the season's yield may 
be shipped just before Christmas. Our 
1923 "crop" cf turkeys will grace the 
tables of thousands on Thanksgiving 

These products are not all for which 
the territory around El Centro is fa- 
mous, for we produce the very finest 
strawberries, dates, figs, watermelons 
and tomatoes, in addition to having a 
climate without a peer. 

This being our first contribution to 
Bankitaly Life, we are naturally re- 
ticent in proclaiming all the advantages 
of living in El Centro, suffice at this 
time to refer only to those mentioned 
above so that prospective settlers may 
understand that our name "Imperial" 
is not a mere title, but full of sig- 

Gilroy Branch 

Henry Hecker, "The Boss," is again 
with us and not only is attending to 
business, but actually driving his own 
machine. We hear that Lawrence 
Scatena, Chairman of our bank's 
Board of Directors, and known as "The 
Boss" at Market and Powell Streets, 
is enjoying excellent health ever since 
his trip to Yellowstone Park. Wonder 
if we couldn't arrange for a hundred 
yard foot race between Boss Scatena 
and Bess Hecker? Gilroy stands ready 
to back Henry Hecker to the limit! 
Come now head office, what do you 

■Ml «• T ™c 




Five needled pines in outline against the sunset sea — Thirty-five miles north 

of our San Diego Branch. 

'Fathers" of the California Bankers Association. The only complete set of pictures 
of these officers ever assembled. 




Head Office 

Volume 7 


Number 9 

A Model Banking Room 


The Bank of Italy building in Visalia, just completed, is five stories 
high, cost $375,000 and is one of the most attractive bank edifices in 
the State of California. Its recent dedication is said to have marked 
the beginning of a new era of prosperity for Tulare County. 

Bankitaly Life 


Telephone Personality 

Good Telephone "Manners" a Vital 
Factor in Developing Bank's Prestige 

The following sug- 
gestions seem to point 
a way to more effi- 
cient telephoning: 

1 . Answer the 
telephone prompt- 
ly and pleasantly. 

2. Put the tone 
of "How can I 
serve you?" into 
your voice, and not 
the tone of "Now 

what do you want?" 

3. Listen carefully concentrate 

your attention on that call so that 

the party will not have to repeat. If 
you can't understand him, use a 
courteous phrase in asking him to 

repeat such as: "I'm sorry, but I 

didn't get that would you mind re- 
peating it?" 

4. Be patient. Don't let any cir- 
cumstances, which the other party 
can know nothing about, cause the 
least suggestion of irritability to 
creep into your voice or manner. 

5. Don't start "bawling out" Cen- 
tral if anything goes wrong. The 
other party may hear you and he 
will immediately size you up as un- 

6. If, inadvertently, someone else 
gets on the wire, don't yell, "Get off 
the wire." Signal our operator and 
ask her to set things right. 

7. If you are not the party wanted, 
say "Hold the wire, please, and I'll 
get your party for you." If the call 
is for another department, signal our 
operator and have the call trans- 
ferred. Don't show impatience and 
say: "Operator, what did you give 
this call to me for? It's for Mr. 

In signaling our operator, move the 
hook up and down slowly and gently. 
She is not only more apt to see this 
signal ( a rapid movement may make 
no signal at all), but it is less likely to 
hurt the ears of the caller or the 

In answering the telephone, always 
give the name of your department first, 
and then your name; as, for example: 
"Credit Department, Mr. Jones speak- 
ing." This saves time. Never answer 
by saying "Hello" — that kills time, for 
if you say "Hello" the other party has 

to ask, "Is this Mr. Jones?" And then 
you must reply, "Yes, this is he," be- 
fore the conversation can get started. 

If you are not the party wanted, say 
"Hold the wire, please, and I'll call 
him." Don't require the other party to 
wait without knowing what is going on. 

If the party wanted is out, ascertain 

(a) Where he is 

(b) If in the building, whether he 
can be reached by telephone; 

(c) If outside, or out of reach by 
telephone, when he will likely 

If the call is transferred, stay on the 
wire until you are sure the desired 
connection is established. 

If the person wanted cannot be 
reached, tell the caller he is out, and 
will return at such and such a time. 
Then ask the caller if he desires to 
leave a message. — Commerce Comments. 

Are You Married? 

And is your net income over $6,000? 

If so, Auditor Bordwell says you 

may be entitled to an income 

tax refund 

The following will be of interest to 
customers and others with net incomes 
of over $6,000: 

Income in California is community 
property. So says the California Su- 
preme Court. Income tax on net in- 
comes of over $6,000 figures less when 
split and reported separately by hus- 
band and wife, than when reported 
jointly. So say the figures. 

Extra income tax paid in this con- 
nection within the last five years can 
be recovered. No existing rights are 
lost by statute of limitations until 
March, 1924. Treasury regulations for 
claim of refund will very likely be is- 
sued before that time. 

Difference in annual payment of tax 
is as follows: 
Net Income Difference 

$ 7,000 $ 50 

7,500...... 75 

8,000 - 100 

9,000.... 150 

10,000.. 200 

12,000 240 

12,500.... 250 

14,000. 280 

15,000 310 

20,000. 520 

25,000 850 

50,000 3,460 

Bank of Italy "Pictorial Review" 


Chairman Board of Directors, was at one 

time Beau Brummel of the wholesale fruit 

district, San Francisco. 


Assistant Cashier, Los Angeles, and his 

talented daughter, Kay, niece of Sir 

Gilbert Parker. 

Assistant Secretary and famous deer 
hunter, with hie faithful A~„ «<r«i„ * » 

Assistant Manager at Los Angeles, surely 
has a "very good reason" for being proud. 

Bankitaly Life 


Foreign Trade Balance 

By Ray B. Westerfield, Ph. D, 
Yale University 

Foreign trade like domestic trade is, 

in the long run, barter the exchange 

of goods against goods. If more mer- 
chandise is sent by the people of the 
United States to the people of France 
than is imported from France, the bal- 
ance of trade with regard to the United 
States is said to be favorable. Although 
under mercantilism "favorable" had a 
fallacious connotation, now when prop- 
erly used it means simply that, if no 
other contemporary foreign transac- 
tions be considered, after balancing the 
money value of exports and imports 
and canceling the debts to that degree, 
a net indebtedness is owing to the 
Americans and there is a tendency for 
gold or other goods to flow to this 

Compensating America 

Even though the debt stands for 
3'ears, the only way America can be 
satisfactorily compensated is by the 
French sending an excess of goods di- 
rectly or indirectly to America. To the 
degree that gold can be used in Amer- 
ica in the arts or to meet the needs of 
a growing countrj' for a larger stock of 
money media to handle its trade at the 
prevailing price level, the gold will be 
a satisfactory form of goods; but if 
f;old cannot be so used and simply in- 
flates the price level, no advantage 
accrues to America. The rising price 
level will soon stop, if it does not re- 
verse, the direction of trade between 
America and France, for America be- 
comes a poor place for France to buy 
in and France becomes a poor place for 
America to sell in. These elementary 
principles of trade apply equally well 
to the trade between different parts of 
the same country. 

Use of Gold Minimized 

When between two countries a credit 
system develops, the debts of importers 
in one country may be balanced against 
the credits of the exporters of that 
country and only the net balance be 
paid in gold. The debt may be left, of 
course, to run permanently or until 
such time as the balance of indebted- 
ness is reversed. Since gold is exported 
with such reluctance and at some ex- 
pense, foreign trade is conducted al- 
most wholly by the cancellation of con- 
temporary or serial debts, and the econ- 

omy of gold is most marked. These 
debts are bought and sold; an importer, 
for instance, makes settlement by buy- 
ing directly or indirectly a credit from 
an exporter and remitting it to the for- 
eign creditor. The common instrument 
of debt in foreign trade is the bill of 
exchange. The term "foreign exchange" 
means the operations connected with 
international payments by bills of ex- 
change. These documents are many, 
complex, and various, and have for 
centuries been regarded as the mystery 
of commerce. 

Bank of Italy Director Expires 
in Santa Cruz 

M. T. Freitas 

Manuel T. Freitas, one of our 
directors, died at Santa Cruz on Sep- 
tember 12th, after a very brief illness. 
Mr. Freitas had been conspicuous in 
the commercial life of California for 
the past forty years. 

His activities covered a very wide 
range, for he was founder of the Portu- 
guese American Bank, President of the 
Bank of San Rafael, Director of the 
Bank of Italy and of the Bank of 
Novato, besides being interested in sev- 
eral dairy associations. 

Mr. Freitas always took a prominent 
part in our bank's affairs, rarely miss- 
ing a meeting of the Board of Directors. 
He had an abiding faith in the future 
of California, his adopted state, which 
he loved intensely. 

His funeral took place from St. 
Mary's Cathedral, San Francisco, and 
was attended by hundreds who had 
learned to respect our friend and asso- 
ciate during his very active career as 
a banker, a merchant and a promoter 
of our state's great dairy industry. 

The officers and employees of the 
Bank of Italy tender their very sincere 
sympathy to the family of Mr. Freitas. 


Bankitaly Life 


Comfort to be Found in Good 
Old Books 

Famous California Journalist 

No book has lived beyond the age 
of its author unless it was filled with 
that emotional quality which lifts the 
reader out of this prosaic world into 
that spiritual life whose dwellers are 

forever young unless it were full of 

this spiritual force which endures 
through the centuries. The words of 
the Biblical writers, of Thomas a' 
Kempis, Milton, Bunyan, Dante and 
others, are charged with a spiritual 
potency that move the reader of today 
as they have moved very many gen- 
erations in the past. 

Could one wish for a more splendid 
immortality than this, to serve as the 
stimulus to ambitious youth long after 
one's body has moldered in the dust? 
Even the Sphinx is not so enduring as 
a great book, written in the heart's 
blood of a man or woman who has 
sounded the depths of sorrow only to 
rise up full of courage and faith in 
human nature. * * * 

Now that this perennial spirit of 
youth is gone out of my life, the 

beauty of it stands revealed more 
clearly. * * * 

On Cultivating Great Litterateurs 

And so in this roundabout way I 
come back to my library shelves to 
urge upon you who now are wrapped 
warm in domestic life and love to pro- 
vide against the time when you may be 
cut off in a day from the companion- 
ship that makes life precious. * * * 
Cultivate the great worthies of litera- 
ture even if this means neglect of the 
latest magazine or the newest sensa- 
tional romance. Be content to confess 
ignorance of the ephemeral books that 
will be forgotten in a single half year, 
so you may spend your leisure hours 
in genial converse with the great 
writers of all time. * * * The 
vital thing is that you have your own 

favorites books that are real and 

genuine, each one brimful of the in- 
spiration of a great soul. Keep these 
books on a shelf convenient for use, 
and read them again and again until 
you have saturated your mind with 
their wisdom and their beauty. 

So may you come into the true 
Kingdom of Culture whose gates never 
swing open to the pedant or the bigot. 
So may you be armed against the 
worst blows that fate can deal you in 
this world. 

Ex-Dividend — What It Means 

Dividends on stocks are payable to 
stockholders who are recorded on the 
company's books on a certain date. 
The amount of the dividend is deducted 
from the market price on that date 
and the stock is said to sell "ex-divi- 
dend." If the market for the stock is 
particularly strong on the "ex" date, 
the deduction of the dividend would 
not be apparent. For instance, if a 
certain stock were selling at 100 at the 
close of the market, today, and a divi- 
dend of $2 were payable to holders of 
record, tomorrow, the stock should 
open tomorrow at 98. If, however, 
favorable news were to appear over- 
night, or if for any other reason the 
market should be particularly strong 
tomorrow, the stock might open at 
I 00, which in reality would be an ad- 
vance of two points from today's close. 

Bank Italy Life 


How to Wrestle 

Bert Kleinhans, "Little Giant," Cham- 
pion Wrestler, Bank of Italy 

Wrestling is as old as man, perhaps 
older, because the spirit permeates all 
animals. It has constituted in man per- 
haps the cleanest and most wholesome, 
as well as the most beneficial, of all 

When wrestlers enter the ring they 
should be seated in opposite corners 
with their seconds, whose duties are to 
see, first, that their respective repre- 
sentatives are well cared for. In the 
second place, that no advantage is being 
taken by either opponent. The main 
assistant should satisfy himself as to the 
opponent's wearing apparel, such as 
shoes, and see to it that no hooks or 
injurious soles are worn and that the 
opponent's finger nails are well 

When the Adversaries Shake Hands 

The referee then calls the contestants 
to the center of the ring and gives them 
their final instructions. The contestants 
should then shake hands, go to their 
separate corners, remove their robes 
and prepare to wrestle. The seconds at 
this point should get in the ring and 

take the chairs and everything they use 
out of the corners. 

When the referee calls time, without 
any further delay, the contestants 
should approach each other and begin 
to wrestle. As a matter of formality, 
they should shake hands again, but this 
is not necessary. 

For further particulars call on or 
write A. H. Kleinhans, vice-president, 
Market-Geary Branch, Bank of Italy, 
San Francisco. 

The Problems of Society 

Our present social order is not one 
hundred per cent perfect. It never has 
been, and in all probability never will 
be until the millennium is ushered in. 
By and large it has worked remarkably 
well. It has afforded ample opportuni- 
ties through which the industrious and 
ambitious have been able to advance 
from the lowest to the highest status 
in life. It has placed a premium upon 
superior intelligence and demonstrated 
ability, by holding out the offer of gen- 
erous remuneration in return for bene- 
fits which these qualities confer upon 
society. It has fostered and encouraged 
the creation and protection of wealth, 
which in turn has brought innumerable 
blessings that have greatly lightened 
the general burdens of the people. 

Those who would substitute a differ- 
ent conception of social relationship 
for the present standards must accept 
the burden of proving that it will 
accomplish results equally beneficent. 
The frightful results of Russia's disas- 
trous economic experiment would seem 
to constitute a stern warning against 
the reckless acceptance of untried social 
and economic theories which attempt 
to set at naught the fundamental laws 
of nature. 

It is futile to attempt to deceive our- 
selves by assuming that any economic 
evil can be eliminated by taking a 
dollar from one individual and giving 
it to another. Only through the crea- 
tion of wealth can we enjoy its benefits. 
The consumption of accumulated riches 
is as disastrous for a nation as it is for 
an individual. — Industry. 


Bankitaly Life 


Bank's Poet Takes a Vacation 

"Carry your baggage, Colonel?" 

George Hamilton Park, of Hayward, 

tells of his experience in "prose." 

After leaving California, the first 
stop of greatest interest to us, was at 
San Antonio, Texas. We visited the 
Alamo, famous spot where Davy 
Crockett and other heroes gave up 
their lives for Texan independence in 
1836. This satisfied one of the long- 
ings of a lifetime, for we had always 
cherished the thought of visiting this 
historic place. 

Entertained by Children 

While in San Antonio, we called at 
a school, where we were entertained 
in a charming manner by the pupils, 
who staged for us a most delightful 
concert performance. After formally 
acknowledging the courtesy of the 
principal and his talented children, we 
took a mean advantage of the young- 
sters by reciting for them one of those 
little effusions so familiar to the 
patient people of Hayward. The San 
Antonio boys and girls, with charac- 
teristic southern fortitude gave us 
three encores. 


We spent one day in Houston, Tex- 
as, named in honor of that able sol- 
dier, Sam Houston, who took such a 
prominent part in the early history of 
our country's largest state. Because of 
Houston's refusal to swear allegiance 
to the Confederacy in 1861, he was 
deposed as Governor of Texas. Sam 

Houston was a man of rare foresight 
and fearless candor. We did not get a 
chance to recite in Houston. 
New Orleans 

When we arrived in New Orleans, 
we called on our correspondents, the 
Marin Bank and Trust Company and 
the Canal Commercial. The officials 
were most gracious and personally in- 
terested themselves in seeing that we 
were properly introduced to the cap- 
tain of the steamship on which we 
were to continue our passage to New 
York. New Orleans is a quaint place, 
divided by Canal Street, one-half of the 
city being old, almost medieval, while 
the other half is modern and progres- 
sive. We had not been here for many 
years but few changes had been made 
in the "ancient" section. 

"Colonel" Park 

The ubiquitous colored folk of New 
Orleans called us Colonel, Major and 
Captain, while scrapping for the honor 
of carrying our baggage. We learned 
it was not safe to offer these profes- 
sional "potahs" less than a quarter, 
since the late war. That is one reason 
why so many of our dark hued Amer- 
icans are riding around in automo- 
biles. The white people of this city 
vie with each other in their ambition 
to assist one in getting around, if they 
think you are a stranger. While 5 
cent cigars sell at that figure every- 
where, California cherries sold for 50 
cents a pound in the local French mar- 
ket. We bought 4 "Royal Anns" as 
Memories of "Old Hickory" Revived 

We visited the old battle ground, 9 
miles down the river where General 
Andrew Jackson, afterwards President, 
gave the British such a lickin' in 1812. 
Jackson was the only President of the 
United States of whom it could be 
truly said when he left Washington, 
that he was more popular than when 
he entered. We took the ocean route 
from New Orleans to New York which 
city we endeavored to cover "all at 
once" by going to the 53rd floor of 
the Woolworth Building, 530 feet 
above Broadway, where the world, at 
least the world of finance, was at our 
feet. • , 

Bank of Italy Known Everywhere 

At every place we stopped, villages, 
towns, and great cities, we met bank- 
ers, all of whom knew of the Bank of 
Italy and of its most remarkable prog- 
ress. Some of these financiers had an 

Bankitaly Life 


intimate knowledge of our affairs, 
which we realized when they quoted 
figures from our last semi-annual state- 
ment, showing that we had assets of 
nearly $300,000,000 and over 400,000 
depositors. The Bank of Italy is prob- 
ably the best known bank in America 
and its president is looked upon every- 
where as a man of remarkable vision, 
whose splendid achievements in the 
past 1 9 years have been without a 
parallel in the entire history of Amer- 
ican Banking. 

John Lagomarsino, Vice-Pres- 
ident, Passes Away 

In the death of 
our respected 
John Lagomarsino 
of Ventura, on 
September 2 7, our 
bank lost an offi- 
cer who had a 
very strong hold 
on the affections 
of his co-workers 
throughout our 
entire banking 
John Lagomarsino system. 

His demise fol- 
lowed an automobile accident in Lom- 
poc, and when the end came all the 
members of his family were at his 

The funeral took place in Ventura, 
from the Old Mission Church, and was 
attended by mourners from all over 
California, who came to pay their last 
tribute of love to one of Ventura's 
foremost citizens. Every store, bank 
and public office was closed during the 

Mr. Lagomarsino was born in Genoa, 
59 years ago, and had been a resident 
of Ventura for thirty-eight years. At 
the time of his passing he was fostering 
some great horticultural enterprises, 
besides being actively interested in the 
Bank of Italy, of which he was a vice- 
president and director. 

John had a smile for everyone and 
always responded generously to appeals 
for help. Having risen from the 
"ranks," he knew something of priva- 
tion and was therefore quick to answer 
a call of distress. His home life was 
ideal and the Bank of Italy staff com- 
miserates with his devoted wife and 
children in their bereavement. 

Don'ts for Depositors 

Copyright by Chauncey M'Govern, 

San Francisco 

(Continued from July Number) 

DON'T "retouch," "overwrite" or 
mend" Your signatures on any 
cheques; if You make a mistake, de- 
stroy the blank and fill out a new one. 

DON'T leave Your BLANK cheques 
where they are accessible to others 
except relatives or employees of ex- 
traordinary integrity and responsibility; 
neither should You leave Your "can- 
celed cheques" within reach of poten- 
tial forgers; many a good employee 
has been tempted to forgery through 
having had handy a blank cheque book 
and "canceled" bank papers; 

DON'T fail to use considerable INK, 
with considerable PRESSURE on Your 
pen; heavy pressure and abundant ink 
causes a "sinking-in" which makes 
acids less effective in attempted altera- 

DON'T imagine that "safety-paper" 
prevents Your cheque being forged or 
altered; all forgers are familiar with 
the easy use of "water-colors" for "re- 
storing" all tints "washed-off" by 

DON'T lull Yourself with the thought 
that Your cheque is "safe" just because 
You use "acid-proof" ink; almost every 
clever forger can erase "acid-proof" 
inks by mechanical means, and then 
"re-size" or "re-finish" the surface of 
the paper before writing in changes in 
the same kind and color of "acid- 
proof" ink; 

DON'T delude Yourself into confi- 
dence that "cheque-protecting" ma- 
chines actually prevent alterations of 
cheques; while their use makes "alter- 
ing" somewhat more difficult for the 
forger, still it only adds to the chances 
of the forger's success in passing the 
altered cheque that the cheque bears 
the stamp of a "cheque-protector"; 

DON'T let Yourself imagine that any 
single one of Your cheques is abso- 
lutely "forgery-proof," even with plain 
writing, done on "safety-paper" with 
"acid-proof" ink, and with the cheque 

punched by a "protecting" machine 

even when the machine actually CUTS 
OUT the figures. Cheques with aV, 
these "protecting" features are fre- 
quently forged and passed. The forger 
today is a person of science. 
(To be continued) 


Bankitaly Life 


F. R. Kerman 

Head Office News 

When Major Fred 
Kerman, our public- 
ity manager, visited 
his old home in Ma- 
comb, Illinois, this 
L month, he was in- 

vited to be the prin- 
cipal speaker at a 
big meeting of the 
! Kiwanis Club. All of 
ifllH J Fred's boyhood 
friends were there to 
greet this gentleman, 
who in the short 
space of three years has made an envi- 
able reputation for himself in California 
publicity circles. Major Kerman told 
his hearers all about "branch banking" 
and we venture to say that he "sold" 
Illinois on the economic advantage of 
this progressive movement. 

W. T. Reid, Jr., distinguished former 
California educator, now a resident of 
Boston, has written commending us for 
some recent copies of Bankitaly Life 
that came into his possession. Mr. Reid 
said: "I congratulate you on the splen- 
did makeup of your house organ and 
the wide-awake nature of the contents 
from cover to cover. I have found the 
historical notes intensely interesting 
and the local references to your bank- 
ing personnel hardly less so, even 
though I am a total stranger to them 
all. Your colored covers are most 
attractive and I must own up to a feel- 
ing of homesickness in looking at pic- 
tures of the big trees, the wild flowers, 
the mountains and the ocean. I love 
the Sierras and it brought many pleas- 
ant memories to mind, to see your 
happy selections." 

Lieut. M. M. Witherspoon, U. S. N., 
has written to H. A. Nater, assistant 
vice-president at Los Angeles, stating 
that he is "stirring around," making 
about 25 addresses every month on the 
Navy, spreading information about the 
"service" and incidentally telling what 
the Bank of Italy has done for the 
enlisted men on the Pacific Coast. The 
boys of the United States Navy, 2000 
of them, have saved $250,000 through 
our industrial savings department. This 
splendid achievement was accomplished 
under the personal supervision of Mr. 

In the narrative in the July number 
of Bankitaly Life, having reference to a 
visit of some Easterners to the head 
office, accompanied by the "Official 
Guide," through an inadvertence no 
mention was made of the transit depart- 
ment on the fourth floor, operating 
under the direction of Messrs. George 
Smith and Warren Silvey. This over- 
sight came about because the "transit 
group" was thought to be a portion of 
the auditing staff, on account of the 
very intelligent appearance of its mem- 
bers. For the same reason, Russell 
Smith and Louis Allen of the banks and 
bankers department were mistaken at 
that time for associates of the new 
business contingent on the second floor. 

Park-Presidio Branch 

Although the dear little daughter 
of Andrew Bartelme, our teller, was 
not born until July 2 1 st, she has been 
named June. But then we once knew 
a girl called May who was born in 
April and who afterwards "married 
December." Recorded history is full 
of apparent anachronisms. 

S. J. Tosi, former chief clerk at this 
branch, has been appointed assistant 
cashier. Mr. Tosi has been with our 
bank for several years and his promo- 
tion came because of his loyalty and 
efficiency. Sincere congratulations to 
our new official. 

J. E. Beale, inspector, recently made 
an examination of our branch and we 
are awaiting copy of his report with 
much interest. 

During the vacation of H. H. Scales, 
our manager, his place was filled by 
E. S. Zerga, assistant cashier at the 
head office. Our clients were pleased 
with the manner in which Mr. Zerga 
directed the affairs of this branch dur- 
ing the absence of Mr. Scales. 

While congratulating our entire head 
office executive staff for the intelligent 
and systematic manner in which trans- 
fers of officers and employees a,re made 
among our branches during vacation 
time, we of the Park-Presidio branch 
are particularly grateful to Alfred S. 
Kay, assistant cashier, head office, for 
the way in which he provided vacation 
relief for us. 

Bankitaly Life 


Marysville, Rideout Branch 

We have had, for 
some time, a rare 
treat in store for the 
readers of Bankitaly 
Life, in having in our 
possession a portrait 
and brief biography 
of the noble woman 
after whom our beau- 
tiful city of Marys- 
ville was named, Mrs. 
Mary Murphy Covil- 

Marysville was not 
given its name be- 
cause Mary Covilland was the first or 
only white woman in the place, for 
many families were living in this sec- 
tion when she arrived here, as Mary 
Murphy, one of the Donner party. It 
was because of Mary Covilland's most 
exemplary life that this city was named 
in her honor. 
Married in Marysville 75 Years Ago 
Mary Murphy became the wife of 
Charles Covilland on Christmas Day, 
1 848, three years, before our city was 
incorporated as Marysville. One who 
knew her well said that "there never 
trod on the soil of California a woman 
of a purer nature, more amiable dispo- 
sition, or a more generous heart. When 
she passed on, it was with the regret 
and lamentation of thousands." 
An Ideal Home Maker 
For those who love the home and its 
founders, it may be of interest to know 
that this pioneer woman was one of the 
first home makers in California "shed- 
ding its quiet light far for those who 
else were homeless." Mary Covilland 
may well be called one of California's 
first social workers, one who made her 
home the center for all of her good 
works. Although she had servants to 
send on her missions of mercy, she 
invariably went herself to find the poor 
and the needy. 

The Vanguard of Culture in Northern 
The books and pictures in the Covil- 
land home showed that she found a 
way, although cut off from civilization 
in those pioneer days, to put art, music 
and the best in literature in her home. 
And with her seven children, who were 
her first thought always, she found 

time for all, even a garden, which was 
considered one of the most beautiful in 
California, in its day. And the worn 
books on plant life, still in the family, 
are evidence of the study she gave to 
the flowers that she loved. 

So this valiant little woman over- 
came all difficulties to realize her vision 
of a wife, a mother and a home. May 
her spirit ever live in the hearts and 
homes of Marysville. 

History of Picture 

The picture of Mrs. Mary Covilland, 
shown herewith, is from an old paint- 
ing, a companion portrait to one of 
her husband that was painted in the 
Covilland home by a Frenchman, who 
no doubt ranked high as an artist in 
his own country. This fact throws some 
light on the very remarkable type of 
people who came to California at the 
time the world was startled by the dis- 
covery of gold. 

Taft Branch 

It was with keen regret that we bid 
good-bye to H. J. Muller, our manager, 
who has gone to Nevada where he has 
extensive farming interests. 

Rufus Ogilvie, our genial "top- 
sergeant," met his "Waterloo" while 
with our Marysville branch last spring. 
As a result, the population of Taft 
has just been increased by the arrival 
of Mrs. Rufus Ogilvie. Our very sin- 
cere congratulations to the newlyweds. 

We surely sympathize with Miss 
Statham in her illness and hope most 
earnestly that she will soon be with us 

John D. Lumis, of the Bakersfield 
branch, who has relieved Mr. Muller, 
our former manager, has received 
many "congratulations." This is rather 
embarrassing to John whose stay in 
Taft is probably only pro tern, but 
he nevertheless appreciates the kindly 
spirit that prompts the felicitations. 

Johnnie Byrne, chief teller, is justly 
proud of his new Essex coach. The 
first few hundred miles were slow in 
registering, but on a recent week end 
trip, Johnnie broke loose and with his 
pals, Crampton of our branch, and 
Rumley of the Security, he covered 625 
miles in two days, visiting Pismo, 
Bakersfield, Los Angeles and %> Long 
Beach. Johnnie says his "colt" has 
now been broken in "fairly well" or 
did he say to a "fare you well." 


Bankitaly Life 


Chico Branch 

Chico's First Store and Postoffice 

(Insert) John Bidwell, as he appeared 
in 1850 

Chico branch is now pleased to ful- 
fill its promise, made in the June num- 
ber, to continue its reference to the 
interesting career of John Bidwell, the 
"Father of Chico." 

A worthy feature in the character 
of General Bidwell was his respect for 
the rights of and his personal regard 
for the California Indians. Especially 
was this manifested by his wise and 
loving care of those whom he had 
found in naked savagery on Rancho 
Chico when he became its possessor. 
Recognizing that the advent in their 
midst of the white man thrust upon 
them unusual perils, he removed them 
from their exposed position to one in 
his private grounds, where he could 
better protect them. He taught the 
men agriculture and employed the wo- 
men as gatherers of seed-wheat, gar- 
den seeds, of small fruits, and as re- 
pairers of sacks in his flour mill. Men 
and women received employment in 
his orchards. He gave them land on 
which to build homes, and then erected 
for them the little church, where for 
many years Mrs. Bidwell conducted de- 
votional exercises, leading the Indians 
in prayer, preaching a sermon, and 
singing hymns with them, for in no 
way has Mrs. Bidwell shown her sym- 
pathetic nature to a greater degree 
than by the manner in which she 
aided her husband in protecting and 

civilizing these unfortunate wards of 
the Nation. 

General Bidwell found the Indians 
"as wild as deer and wholly unclad," 
and he left them in happy homes with 
their own gardens, fruit trees and 
flowers. A number of the older ones 
had been fairly educated and their 
children carefully trained in the pub- 
lic schools, some in the State Teachers 
College. Had the United States Gov- 
ernment followed a similar policy fifty 
years ago the Indian question would 
have been easily settled. 

Recognizing their fondness for music 
he aided them to organize a band, 
and it has been said: "Because General 
Bidwell was a good citizen, he made 
it possible for a choir, composed of 
Indians, to sing in tones almost divine 
at his grave, strong men weeping as 
they heard the pathetic refrain." 

San Diego Branch 

We have organized a local chapter 
of the Bankitaly Club. Like a far- 
sighted newly married couple, our 
chapter has already started to locate 
the site for a little summer home, in 
Cleavenger Canyon, near Ramona. 

We have drawn the plans for our 
club cottage that will be "similar" in 
design to the head office "reposed and 
dignified" with, however, only one 
story. We have borrowed an idea from 
the women's banking department at 
Powell and Market Streets, for "gray 
and mulberry coloring" will predom- 
inate. Donations of draperies, orna- 
ments and of furniture will be grate- 
fully received. 

Manager H. E. Anthony has been at 
Fallen Leaf Lodge with Sherwood 
Wheaton of our advisory board. ^Bert 
very kindly agreed to help us "dec- 
orate" our new club house by bagging 
a big California lion and having it 
preserved for our canyon home. Not 
to be outdone, Barney Brandt has con- 
sented to capture a California grizzly 
for us, when the bear season opens, so 
the prospects seem good for a very at- 
tractive "resort" for the San Diego 
Chapter, Bankitaly Club, or should we 
call it a museum of natural history. 

Recent visitors from the head office 
included Miss Maguire and Messrs. 
Bean, Belden, E. Bonzani, Del Monte, 
Leimert, Risso and Silva. Clarence 
Cuneo of our real estate department 
also called. 

19 2 3] 

Bankitaly Life 


Ventura Branch 

Ventura branch is to have a modern 
home. The plans for it have been dis- 
played in our lobby, where they have 
received very favorable consideration. 
We hope to occupy our new building 
next spring. 

Miss Laura Moore, until recently one 
of our local staff, is now Mrs. Clarence 
Ammons. Prior to her wedding a din- 
ner was given in this young lady's 
honor, at which she was "showered" 
with many useful household utensils. 
An appropriate verse accompanied each 
gift, and we marveled at the latent 
poetic talent developed. Miss Edna 
Fraser has succeeded to the position 
formerly held by the happy bride. 

Messrs. Franz, Cagnacci and Oliva 
were guests of Captain Ira K. Eaton on 
a trip to Santa Cruz Island. Our boys 
had a most thrilling experience with 
"Cap" Eaton while assisting him to 
lasso sea lions that are to be used for 
exhibition purposes in aquariums 
throughout the world. These very in- 
telligent amphibians (we mean the sea 
lions) can be trained to perform tricks 
as wonderful as any "stunts" ever put 
over by Professor W. J. Marra's high 
brow collies. By the way, it was only 
last month that we heard about this 
"side line" of our "professor of corre- 
spondence" at the head office, but then, 
nearly every distinguished person has a 

The meeting of our local stock- 
holders was an unqualified success. 
The principal address was by W. G. 
McAdoo, general counsel, who was fol- 
lowed by Jas. A. Bacigalupi, vice-presi- 
dent from the head office. The gather- 
ing was presided over by Manager 
Austad and will long be remembered 
as a representative assemblage of Ven- 
tura County citizens, all of whom were 
impressed with the brilliant discourses 
of the eminent speakers. 

Neill Baker, assistant cashier, and 
Mrs. Baker had planned a visit to 
Japan, but the recent cataclysm in that 
sorely stricken country caused the Ba- 
kers to change their plans. They will 
therefore leave on a three months tour 
of South America. You know all Ven- 
turans are very kindly disposed toward 
S. A., for the "Lima bean," the basis of 
our prosperity, is a South American 

San Luis Obispo Branch 

Our stenographer, Mrs. Barrett, had 
a very restful outing at Tahoe and 
Yosemite, California's favorite play- 

Russell Pearce, our manager, spent 
his vacation in Portland and while in 
the northwest, advertised San Luis 
Obispo by telling the Oregonians of 
our climate, than which there is none 
more equable this side of a very limited 
area in Florida. We wish the readers 
of Bankitaly Life would take special 
notice of this, a fact attested by the 
U. S. Weather Bureau at Washington, 
D. C. 

The alterations on our building are 
progressing in a very satisfactory man- 
ner. Upon completion, we hope to 
have a reception that will be on a par 
with that held by our Visalia branch 
and not very far behind the big house- 
warming at 7th and Olive, Los Angeles, 
last spring, when our Southern Cali- 
fornia Headquarters was opened to an 
expectant throng. 

At our annual county fair some fine 
blooded stock was exhibited by William 
Randolph Hearst, neighbor and pub- 
lisher of the "Examiner." Mr. Peabody, 
another neighbor, of Cluett, Peabody 
& Co., famous shirt and collar manu- 
facturers, also had an exhibit of live 
stock, some that he imported from 
Scotland. We mention the names of 
these well known residents whose suc- 
cess in their respective lines is indica- 
tive of their rare judgment. It was 
therefore no small compliment to this 
section of California for them to come 
here and establish stock farms. 

When Ed Jenkins, our assistant note 
teller, took his vacation he ate nothing 
but trout and venison. As it takes 
"skill" to provide those table delicacies, 
our staff throughout California may 
draw their own conclusions as to Ed's 
ability as a nimrod. 


Bankitaly Life 


Market-Geary Branch 

The "official guide" from the head 
office recently entered the Market- 
Geary branch "incog" at a particularly 
busy moment, and when first anyone 
noticed him, during a brief lull, he had 
laid his chapeau on the nearest desk, 
and was comfortably glancing around 
the lobby. 

The attendant, Mr. Cadden, hurried 
over at once to hazard an investigatory 
question. "You were waiting for some- 
one?" he asked. 

"Sure, sure," replied the stranger. 
"What y' think, D' I look like a boat 
race? Sure, I wanta see someone. 
Who's the big cheese here? Trot *im 

And as Mr. Cadden, somewhat taken 
by surprise, paused momentarily, the 
visitor broke out in new eruption. 

"Well, what's pinchin' y'u? I'm not 
sufferin'. Y'u don't have to watch me. 
I'll not die on y'ur hands. Trickle along 
now, and le's see your main gazaboo." 

So startled was Mr. Cadden, that it 
is impossible to estimate what his next 
action would have been, but at that 
instant, Mr. Kleinhans, vice-president, 
supervising branch operations, came 
hurriedly across the floor. 

Smiling pleasantly, he invited the 
somewhat abrupt guest to a seat on the 
officers' platform. "Now, sir," asked Mr. 
Kleinhans, "what is there that we may 
have the pleasure of doing for you?" 

"Friend," said the stranger, "I crave 
conversation. You don't happen to be 
Socrates, do you? But while on the 
subjects of names, mine's Ediug 
Laiciffo." (He pronounced it Edig 
Laysifo.) Folks usually call me 'Ed' 
or 'Lafe'. It's easier than shootin' the 
-whole mouthful." 

"Glad to know you, Mr. Laiciffo," 
Mr. Kleinhans said. "I am in charge 
of this branch during Mr. Kronenberg's 
absence and wish to see that you get 
good service here. We specialize in 
good service. As a matter of fact, we 
don't have any other kind." 

"Huh," was Mr. Laiciffo's response. 

"Take any of our departments here 
and compare them with those you will 
find in the other branches," continued 
Mr. Kleinhans, "and the showing will 
be in our favor. I doubt if there is a 
more aggressive new business organiza- 
tion in the entire system than we have 
here. There's Mr. Simpson, who opens 
;the new accounts. He can recognize 

a potential customer clear across Mar- 
ket Street. I have personally seen him 
rent a safe deposit box to a man who 
had opened a dollar savings account, 
so that he would have a safe place to 
keep the pass book." 

"Say," interrupted Mr. Laiciffo, 
"where did you stray onto the guess 
that I was even interested in a savings 
account? It just happens to be that 
saving money is as strange to me as 
teeth to a hen. What I want to know 
is: Do you loan money?" 

At that observation, Mr. Kleinhans 
lightened up like a Turk on Broadway 
who hears his own language. "Do we 
loan money?" he cried. "Loaning 
money is what we do nothing else but." 

"See," he continued, "there is Mr. 
Sedgwick. Now watch him get a note 
away from that gentleman with whom 
he is talking. There is no more chance 
that he will fail than there is of Christ- 
mas falling on New Year. But to return 
to your own case: Do you want to ar- 
range a loan?" 

"No," said Mr. Laiciffo. "I came 
here to find out the price of Mexican 
jumping beans. What 'u think I want?" 

"Well, it occurred to me," resumed 
Mr. Kleinhans, "that some of the other 
facilities of our branch might interest 
you. For example, there is the com- 
mercial department. You might ask 
Mr. Reese or Mr. Marks to cash a check 
for you, or if you were interested in 
saving, your requirements might be 
better looked after by Messrs. Parsons, 
Murray and Falbush. On the other 
hand, had it turned out that you sought 
employment here, Mr. Purdy would 
have been the logical man with whom 
to hold converse. So you see, there is 
really a wide choice open to those who 
visit our institution." 

"Yea," replied Mr. Laiciffo. "I made 
a wide choice when I asked about a 
loan. 'Smatter of fact, it's the widest 
choice I could make. If you took loans 
with a cancelled postage stamp as col- 
lateral for each dollar, I couldn't bor- 
row a Russian Rouble." 

"The reason I came in here," he con- 
tinued, "was to find out if the clock 
still ticked. I heard this place had so 
many live wires that the electric light 
company was trying to rent ,it for a 
sub-station. Well, I found out, so I'll 

just go back to my life-work keepin' 

the sidewalk from crossing the street." 

And without further adieu, he rose 
abruptly and started for the door. 

19 2 3] 

Bank Italy Life 


It was not until he put on his cap 
and we saw the name stamped across 
the front, that we realized the Market- 
Geary branch had received a visit from 
Major Kerman, the Official Guide, who 
had reversed the letters in his title when 
he said that his name was Ediug 

Mission will yet rival the east bay sec- 
tion as a center for homes and factory 

Mission Branch 

Hilda Mindermann is vacationing at 
Venice, a seaside summer resort down 
near Hollywood. Hilda is, of course, 
too sensible a girl to be captivated by 
the movies. 

Peter Ferage, of our clerical staff, 
has returned from a trip to the Yose- 
mite. He recommends that our bank 
establish a branch in the Yosemite dur- 
ing the tourist season and says that he 
knows the right man for manager. 
Wonder whom Pete has in mind? 

The marriage of Joseph Bonzani, our 
assistant cashier, and Victoria Gardella 
of the women's banking department, 
head office, has been announced. Mr. 
and Mrs. Bonzani have a host of friends 
all of whom wish them "bon voyage" 
on their matrimonial tour. 

Just prior to the Bonzani nuptials, 
Joe wore besides a smile, a cowboy 
hat, symbolical of the days of the Pony 
Express, when the men wore sombreros 
and the women mantillas. Joe's ap- 
pearance was redolent of the years of 
Spanish occupation, when sweet strains 
of the light guitar were heard every- 
where throughout our home loving Mis- 
sion District, harmonies that have since 
given way to the popular "jazz." 

William Alfred Newsom, our man- 
ager, recently motored to the high 
Sierras, ostensibly to get a rest, but 
we have it straight that the real ob- 
ject of his visit was to greet the Pony 
Express riders on their entrance to 
California and to secure them as clients 
for the Mission branch. You know 
that Bill stops at nothing to get an 
account, in fact "he is a bear at it. 

During the absence of Mr. Newsom, 
Ernest S. Zerga, from the head office, 
"acted" as manager, a part that he 
"played" well. It is rumored that 
Ernest may take up his residence in 
this district because our industrial pos- 
sibilities and climatic conditions appeal 
strongly to him. He predicts that the 

Los Banos Branch 

Auditor Bordwell called here this 
month in connection with a juvenile 
"mail robbery" put over by a couple 
of small boys who in their quest for 
"foreign stamps" pilfered some Los 
Banos post office boxes. Mr. Bord- 
well succeeded in straightening out all 
difficulties caused by the youthful de- 

The prominence recently given by 
our Merced branch to matters having 
relation to hymeneal activities, makes 
Los Banos want to register. There- 
fore, we are happy to announce that 
our stenographer Maude W. Tregear 
has been married to Lewis Tracy Mason 
of Los Banos. This even: was not quite 
as romantic as that which marked the 
nuptials of the Hartsoughs at Merced, 
but it was a mighty happy affair. 

Manager S. C. Cornett, is at Santa 
Cruz, on his vacation where we hear 
that fishing is a favored past time and 
fish stories favorite themes. Well, if 
our manager is as clever with a fish 
hook as he is with a screw driver, we 
are sorry for the fish. When our add- 
ing, bookkeeping, calculating, address- 
ograph or mailing machines are out of 
order, there is no one quite so handy 
in the repair line as our local chief, 
unless it be Robert Puccinelli, our as- 
sistant cashier. These two "boys" are 
mechanical marvels. 

The highway over Pacheco Pass is 
now open to traffic and residents of 
Los Banos and of the San Joaquin 
Valley are now several hours nearer 
the "cool sea breezes," besides being 
on a direct route to San Francisco. 
Words fail us in giving expression to 
our joy at the completion of this really 
great improvement that marks another 
epoch in the development of the San 
Joaquin Valley. 

An esteemed client recently gave 
valuable expression to his admiration 
for President Giannini and concluded 
by saying "he would die for A. P." 
Manater Cornett then told our friend 
that while Mr. Giannini would doubt- 
less be pleased to hear of this mani- 
festation of affection, that he was sure 
"our President would rather have our 
customer live and pay his interest." 


~ - ■-■■'"■- ■'.... ■••■. 
' ■'■ ■■' >-°" ■'!;.■' ■ ■ *" • . ■ ■ •■'.■■■■ ' , 

■"'■"■■'■, 2 





Statue designed by Prof. Zolnay to symbolize 
America's sorrow for her brave sons. 

The National Convention of the American Legion, held this 
month in San Francisco, recalled tender recollections of those 
members of the Bank of Italy staff, who made the supreme 
sacrifice, Harry Demartini and Alois Cykler. 

When a deed is done for freedom, through 

the broad earth's aching breast 
Runs a thrill of joy prophetic, trembling 

on from east to west, 
And the slave, where'er he cowers, feels the 

soul within him climb 
To the awful verge of manhood, as the 

energy sublime 
Of a century bursts full-blossomed on the 

thorny stem of Time. 





Head Office 

Volume 7 

OCTOBER, 1923 

Number 10 



In that year the expanse of land now covered by trees, shrubbery and lawns, and 

known as Golden Gate Park, was a waste of sand. 


Bankitaly Life 

New Gold Mines in California 

Bank of Italy Does Business Amidst 
"Snow Banks" 

When James W. Marshall discovered 
gold in California, while at work for 
General Sutter, he merely turned a 
leaf in the pages of history. It re- 
mained for Antone Pilcovich, assistant 
cashier, business extension department, 
to put the finishing touches on the job. 

Accompanied by L. Valperga, assist- 
ant cashier, Italian department, Antone 
left San Francisco for Fresno, equipped 

not in the customary fashion of the 

miner with pick-axe, shovel and six 
gun, but with only his trusty Dodge 
touring car (it has fewer moving 
parts) and a compelling assortment of 
conversation. Few who witnessed the 
departure or observed the cavalcade 
en route, appreciated the romantic 
nature of the mission on which it was 
embarked. Few would have granted 

that there was anything suggestive of 
human interest in the undertaking. 
But there was. 

Gold! All you can carry — and then 
go back for more. Gold! With all the 
thoughts it conjures up of pomp and 
splendor, kings and courtiers. Gold! 
The power of empires, the blight of 
nations. Gold! The precious store of 
metaled wealth without which there is 
no Fairy Princess, Magic Carpet or 
Aladdin's Lamp! 

Wealth Amid Desolation 

Far up in the rugged heights of 
California's interior mountain fastness, 
where the snow comes in September 
and stays until July, there is a chain 
of camps, almost impregnably situated. 
Their presence is known to but a few. 

Roadways do not exist and the group 

of hardy men who center their activi- 
ties in this desolate region scarcely see 
the outside world from one year's end 
to the next. 

Here in this vast range of mountain 
peaks, the Southern California Edison 
Company maintains the headquarters 
of its hydro-electric development 
project, centering around the camps at 
Big Creek. And it was to this place 
that the intrepid seekers for gold 
directed their attention. 

But the gold that the representatives 
of the Bank of Italy sought was not the 
raw, unsmeltered ore as it comes from 

the mine but the coined, spread-eagle 

cartwheels, or their equivalent in cur- 
rency and checks. For, as Antone and 
Louis argued, these men, shut in for 
months on end, must have at hand a 
store of accumulated wages. Some- 
thing certainly ought to be done about 
it, since there were no banks in the 

Linguists Not Necessary 

Thinking that the workers would all 
be of foreign extraction, the Knights 
Errant spent the hours of their journey 
'cross-country in brushing up on the 
intricacies of as many languages as 
came to mind. But the preparation 
proved a vain effort, for on arrival at 
the works, it developed that nearly 
75% of the employees were born in 
this country. This greatly simplified 
matters, and immediately large signs 
were erected on the main roads an- 
nouncing: "Bank of Italy representa- 
tives are in camp to transact business." 
The time-keeper's office was used as a 
teller's cage, and the other convertible 

■ Bankitaly Life 


features of the settlement were made 
to assume financial characteristics of 
one sort or another. 

Work in the camps is carried on by 
three shifts of men, each working eight 
hours. This calls for 24 services in the 
mess hall each day. No better place 
could be found in which to broach the 
subject of banking, and, as events 
proved, no better time could have been 
chosen to find the men in good humor. 
Follow-up work was carried on in the 
bunk-hcuses, where individual solicita- 
tion was more easily accomplished. 

Aside from the financial side of the 
expedition, the two explorers found 
much to interest them in the new con- 
ditions with which they were sur- 
rounded. Beds at 1 7 cents per night 
proved one of the unusual objects. 
Antone said: "It took us one week to 
find out how to get into the things, and 
another week to work out the system 
of kinks and curls in the bedding. At 
the end of that time we had to come 
away, so I really didn't have a chance 
to find out how it would have seemed 
to sleep in one of them. 

Forty Trucks "Foraging" 

One surprising feature is the amount 
of material that it requires to keep the 
camps in running order during the 

winter. All summer long day and 

night in constant succession, 40 

heavy trucks are engaged in hauling 
supplies to the camps, for winter con- 
sumption. These trucks are used for 
no other purpose, and their cargo is 
confined exclusively to the actual ne- 
cessities of life. 

"We should have enjoyed staying 

longer at least for one more day," 

said Antone, "but with the snow get- 
ting deeper and deeper, we either had 
to pack up and go, or else stay all 
winter. We chose the former course, 
and here we are." 

Exasperated Magazine Editor (to 
talkative barber) : 

"Tell me, do you get paid by the 
week, or so much per thousand 

Very Small Boy: "This the coupon 
desk, mister?" 

Teller: "Yes, sir; what can I do for 

V. S. B.: "Well, here's 2,000 United 
Cigar Store coupons and I'd like a 
catcher's mask, please." Ex. 

Are You a Self-Starter? 

By B. C. Forbes 

What kind of men are in the greatest 
demand today? Self-starters. 

I often recall this little incident: I 
got off the elevator in J. P. Morgan & 
Co.'s office, with Harry P. Davison, 
then the leading partner in this great 
international banking house. Three 
office boys were sitting on a bench. 
One jumped up, and was standing 
smartly at attention as the elevator 
door opened. He was ready to be 
instantly of service. Davison gave a 
nod of recognition, but said nothing as 
we passed. But he remarked to me: 

I am always interested in watching 
office boys. Whenever I notice one 
who is constantly on his toes, ready and 
eager to make himself useful, I keep 
my eyes on him, and see to it that he 
is given wider opportunities for the 
exercise of his willingness, alertness 
and enthusiasm. I like self-starters. 

Sales managers must have as sales- 
men, particularly those they put on the 
road, self-starters. 

Executives want as department heads : 

Department heads want as foremen, 

And so it goes, all along the line, 
from top to bottom. 

Therefore, the best way to increase 
your value and your earnings is to 
learn to become a self-starter. 

The kind of employee every concern 
wants is the kind who need the least 
amount of cranking up. 

It costs every large concern a great 
deal of money to hire managers, super- 
intendents, department heads, foremen 
and others, whose job largely is to boss 
other people. 

The right type of employee does not 
need to have somebody constantly 
watching him, or prodding him to do 
his best, and the most he is able to do. 
Too many employees, however, will not 
exert themselves unless someone is put 
over them to keep an eye on them con- 
stantly, and to speed them up when 
they get lazy. 

Who are the fellows who, in course 
of time, rise to be bosses? 

The fellows who showed, perhaps 
for quite a number of years, that they 
did not need any bossing themselves. 

19 2 3] 

Bankitaly Life 


Loans on Real Estate and 
Other Loans 

By W. H. Snyder, 
Chief Examiner, Finance Committee 

"" 7 'Ate SJ/y3r<iis <"/-,,, 

George B. Cordano, Appraiser, on 
His Daily Rounds 

The law fixes the limit of the loan at 
60% of the appraised value of the 

property the 40% is the margin of 

safety. In the application of the rule, 
however, the Finance Committee en- 
deavors to discourage the making of 
loans which are to be secured by un- 
improved city lots, grazing land, other 
unimproved and non-productive prop- 
erties, vacant properties and properties 
located outside of the territory which 
the bank serves. 

As to loans made within the terri- 
tory served by the branches on im- 
proved and productive properties, the 
Committee recommends that when the 
loan is made for the full 60% of the 
appraised value of the property, that 

provision be made for installment pay- 
ments to reduce the amount of the 
principal within 50% of the appraised 
value in a reasonable period of time. A 
reasonable period in this case might be 
considered one year. 

Installment Loans 

Personally, I favor the plan of mak- 
ing loans on real estate on the install- 
ment basis. With each payment to us 
the margin of safety is increased; a 
distinct service is rendered to the bor- 
rower in bettering his financial condi- 
tion; the bank is provided with a 
greater turn-over; its paper is in a 
more liquid condition; it has more 
money to re-loan; and therefore it is 
in a better position to reach out for 
new business. 

Another class of loans on real estate 
to which attention should be invited 
consists of mortgages on factory build- 
ings and other buildings made for a 
particular use which are not readily 
adaptable to other uses. This fact ma- 
terially affects the value of the security 
to the bank, for should the bank ac- 
quire the property it is frequently very 
difficult for it to realize on its security. 

Loans Secured by Stock of Private 

We have had comparatively little 
difficulty in loans secured by listed 
stocks, except perhaps those loans 
which are secured by stocks of specu- 
lative character. We do have consider- 
able difficulty, however, with loans on 
unlisted shares for which there is no 
active demand in the local market. The 
same condition exists in connection 
with any other form of security for 
which there is no active demand. The 
desirability is determined by the mar- 


It had been years, according to neighbor- 
ing gossip, since the town grouch had 
uttered a word except to his dog and his 
banker. If a spark of sociability and kind- 
ness existed in him, it was said, it was for 
the dog. So when the animal appeared one 
day minus its tail, the banker was nomi- 
nated to find out what the trouble was. 

"What's happened to your dog's tail?" he 

"Chopped it off," growled the grouch. "He 
was always waggin' it at somebody."' — 6-F 
(Atlanta) Journal. 

Bank Italy L i f 


Young San Franciscan Visits 
Tower of Pisa 

Virgil Giannini, Son of Our President, 

Had No Fear of Famous Tower 

Falling on Him 

This great tower in Pisa, Italy, has 
been leaning for 800 years, yet it is 
quite safe, says Virgil. When the build- 
ers realized that it was sinking on one 
side, they went on with the work so 
that the weight of the tower fell in the 
right direction; and though the tower 
seems to be falling, it is perfectly bal- 
anced on all sides. It exemplifies the 
law of gravitation, which means that 
everything gravitates, or is attracted, 
to the earth. The weight of the tower 
is drawn to the earth, and if the weight 
were on one side, the tower would fall, 
but it does not fall so long as the 
pressure of the tower is straight to- 
wards the earth, however dangerous it 
may look. 

Automatic Steadying of 

Courtesy A. I. B. 

As a matter of fact, gold shipments 
between nations are surprisingly small 
and infrequent, considering the magni- 
tude and diversity of the automatic 
system of "checks and balances" com- 
parable to the delicate contrivances of 
automatic machinery. Thus, to illus- 
trate, should sterling exchange rise in 
New York above $4.8665, every Amer- 
ican purchaser of English goods or 
services is faced by the prospect of 
paying more than $4.8665 of American 
money for £1 worth of such goods or 
services. Whether he is contemplating 
the importation of English books, or is 
planning a visit to the English Lake 
Country, he is warned by the rise in 
the rate of exchange, that he must now 
pay more than before. 

Of course few know or note the fact, 
but in the immense field of possible 
business between the two countries, it 
is enough that some persons do know 
and realize the change. Americans as 
a whole will buy fewer English goods. 
At the same time and by the same 
change every possible English pur- 
chaser of American goods of any sort 
may thus learn that he can extinguish 
a possible indebtedness on better terms. 
Thus, if he is thinking of buying Amer- 
ican goods listed at $486.65, he may 
discover that at the new rate of ex- 
change he could extinguish the debt 
incurred in purchasing them by paying 
in London less than £100. 

Here again it is unnecessary to 
assume that all Englishmen are aware 
of the changed rate or are influenced 
by the change. But it is clear that the 
rise in the rate makes it easier for 
Americans to sell to England and 
harder for them to buy from England 
than before. The resulting stimulation 
of sales and check upon purchases will 
increase the offering of bills on London 
against English purchases and lessen 
the demand for drafts on London in 
payment of American purchases. This 
in turn will tend to bring the rate of 
exchange back to par. 

If, however, this automatic check at 
any time is not strong enough to hold 
exchange within the gold points, when 
one of those points is reached, the 
"safety valve" of gold shipment opens. 

Bankitaly Life 


Head Office News 

The passing of Mrs. (Catherine Doug- 
las, mother of W. W. Douglas, our 
vice-president, was a source of very 
sincere regret to every member of our 
staff, who knew this most estimable 
woman. We tender Mr. Douglas assur- 
ances of our sympathy in his bereave- 

Noble Grand Arthur Pinkel, former 
chief clerk in our savings department, 
who dazzled us all with his wonderful 
regalia during the Shrine Convention 
in San Francisco, has been appointed 
assistant cashier, so he now has a title 
"fore and aft." Felicitations, Sir Ar- 

We congratulate our respected asso- 
ciate, Joseph Emory Newman, on the 
recent joyous celebration of his thirty- 
sixth wedding anniversary. In telling 
of his very happy married life, Mr. 
Newman concluded by saying: 
"Omnia vincit amor." 
A translation of this quotation from 
Virgil may be obtained by applying at 
our information desk. 

A few days ago Al Fenton of our 
personnel department was heard hum- 
ming softly that sweet old refrain, "It's 
a long way to Tipperary." Upon in- 
quiring as to the sudden revival of 
that war time melody, Al showed us 
the application of a young man asso- 
ciated with the Provincial Bank of Ire- 
land in Tipperary. The youthful Irish- 
man had applied for a position with 
the Bank of Italy, San Francisco, six 
thousand miles distant; surely "a long 
way from Tipperary." 

John J. Downey, president of the 
Mechanics State Bank, St. Joseph, Mis- 
souri, sent us a letter by "Pony Ex- 
press" during the recent celebration to 
commemorate that famous old mail 
route between the Mississippi River and 
the Pacific Coast. Mr. Downey's letter 
was ten days en route. The advent of 
the transcontinental railroad in 1 869 
made it possible to send a letter from 
New York to San Francisco in half of 
that time, while a regular 24-hour air 
service between Atlantic and Pacific 
points will likely be an assured fact in 
a few months hence. 

When Lloyd Mulit, vice-president 
and manager of our credit department, 
asked Clarence Bell, assistant vice- 
president in charge of our Polk-Van 

Ness branch, if there was a Ford dealer 
on Polk Street, Clarence answered as 

Yes, we have no road lizzies, 

We have no Ford dealers this way. 

We have Cadillacs and fine machines» 

Studebaker limousines, 

Maxwells, Hups and in betweens, 

Never was'ers and has beens. 

Yes, we have no Ford dealers, 

No Fords up Polk-Van Ness way. 

A client in our women's banking 
department recently mailed in a de- 
posit of five dollars in the form of a 
Federal Reserve note, accompanied by 
a regulation tag, on which she very 
carefully placed the number of the 
note 12-L L31492949A. Some receiv- 
ing tellers may smile at our customer's 
action, but in exercising this precau- 
tion she showed herself to be a master 
of detail and worthy of emulation. Too 
often are we sparing of ink in record- 
ing transactions. 

John Riordan, assistant manager of 
our credit department, is being harassed 
by society reporters for "items," simply 
because he has been confused with 
another person of the same name. John 
admits, however, that he has an un- 
limited number of "credit items" at his 
command, but of course these are for 
bank use only. We understand that 
our good friend and associate may have 
a very interesting piece of news for 
Bankitaly Life, shortly after January 
1 st, and while we have absolutely no 
idea what it is, we are going to hazard 
this guess, that it will be a "live topic." 

Melrose Branch 

Despite the advent of two branches 
in Melrose of our "friendly enemy," 
the Oakland Bank, our present progress 
is greater than ever. 

J. V. Lamore, former assistant cash- 
ier, is now a member of the San Pedro 
branch staff. Joe left here with the 
best wishes of all Melrosians. He has 
been succeeded by Mr. Henas of our 
Oakland branch. 

Although Melrose is but a district of 
Oakland, it is making such headway 
that we sometimes wonder if it will not, 
some day, swallow Oakland, name and 
all. You know Melrose is a prettier 
name than Oakland, and besides there 
are many Oaklands, but only one Mel- 
rose, outside of Scotland. 

Bank Italy Life 


Thos. A. Means 

Bakersfield Branch 

Our branch is very 
glad to contribute a 
picture and little 
sketch of Thomas A. 
Means, the "apostle 
o f petroleum" i n 

Mr. Means owned 
a small ranch near 
Kern River and, be- 
ing a man of much 
learning, natural in- 
telligence and keen 
observation, he early 
became convinced that the Kern River 
territory was underlaid with oil. He 
therefore talked oil to everyone who 
would listen to him, and while he was 
ridiculed by many, no argument could 
dissuade him from his conviction. 

James M. Ellwood, owner of a small 
wood yard in Bakersfield, went to 
Means' ranch one day to see Tom 
about cutting some wood. Tom soon 
changed the subject from wood to his 
favorite topic, "oil," and quickly en- 
thused Ellwood, who leased a portion of 
Means' ranch to bore for oil. Jim was 
then joined by his father, Jonathan 
Ellwood, and they began to literally 
"dig" for oil, for they used only an 
ordinary shovel and a hand auger. 
The Fulfillment of a Prophecy 
In May, 1899, the Ellwoods, father 
and son, started work on the north 
bank of the Kern River, about seven 
miles from Bakersfield, and began the 
rude well under the edge of a cliff. 
They went down with their hand auger 
75 feet, when they struck good oil 
indications. Then they secured a 
steam rig and at 343 feet drilled into 
oil; whereupon young Ellwood rushed 
to Tom Means and shouted, "Your 
prophecy has been fulfilled." But Tom 
only smiled and said, "I knew it was 
there." He then probably recalled, 
how he had been ridiculed by his Kern 
County neighbors, as one indulging in 
visionary ideas, but he remembered 
that Columbus was also a subject of 
ridicule, if not of insult. Thomas A. 
Means' hour of triumph was his only 

Branch News 
A. E. Russell, former teller, has been 
appointed chief clerk. Almost coinci- 
dent with Arthur's advancement, came 

the happy announcement of the arrival 
of a fine baby boy at the Russell home. 

About the same time that Art's 
youngster appeared, who should come 
along but little Tom Sawyer, charming 
son of T. M. Sawyer, our head book- 
keeper. Felicitations! 

Kern County is surely keeping pace 
with other parts of California in the 
variety of its products, for we are now 
in the midst of our cotton harvest, the 
proceeds of which will probably amount 
to one million dollars. 

Clara Morgan, of our bookkeeping 
department, has been elected treasurer 
of the Business and Professional Wom- 
en's Club of California. We hope the 
efforts of these intelligent women will 
help to create a higher standard in the 
economic life of our state and nation. 

When J. D. Lumis, assistant cashier, 
was at our Taft branch for six weeks, 
doing relief work, he kept us fed up on 
stories about "strenuous work at the 
bank" and "increased proficiency in 
golf." Here was an apparent contra- 
diction which Mr. Lumis explained by 
advising that he arose every morning 
at 5 o'clock. John should remember 
that there are a number of "Missou- 
rians" in our Bakersfield organization. 

Park-Presidio Branch 

The district served by this branch 
was formerly known as Richmond. 
This name was given to it many years 
ago, when at a meeting of our pioneer 
residents a veteran of the Civil War 
used the slogan, "On to Richmond." 

Our present name, "Park Presidio," 
has real significance, and while it is 
long and not especially euphonious, it 
is preferable to Richmond because of 
the confusion that has arisen and that 
would likely continue, if our rapidly 
growing district bore the same name as 
the prosperous young city across 
the bay. 

Generally speaking, our Park Pre- 
sidio district is that part of San Fran- 
cisco north of Golden Gate Park, and 
its estimated population is 75,000. 
The principal business streets are 
Geary and Clement. Our building at 
Ninth Avenue and Clement is consid- 
ered one of the handsomest and most 
substantial of all of our San Francisco 
branches. As to our personnel 

"On their own merits modest men 
are dumb." 


Bankitaly Life 


Salinas Branch 

Old Gabriel 

This is a picture of Old Gabriel, 
California Indian, ■who died here on 
March 18, 1890, at the age of 151. We 
are told that he ate very little; that he 
avoided meat and wine, preferring 
fruit and fish, and never used tobacco. 
He was a contemporary of Junipero 
Serra, founder of the California Mis- 
sions, who impressed on his young 
neophyte Gabriel the value of tem- 
perate habits. The great age attained 
by this Indian would never have been 
chronicled outside of Monterey County. 

Ben Farrell, inspector, accompanied 
by one of our staff, recently started to 
check up the chattels on a nearby 

farm. While Ben was counting pigs, 
his companion stood by a beehive, ap- 
parently gazing into space. "What are 
you doing there?" said Ben. "Counting 
bees," was the prompt response. 

Senor Somavia, father of our vice- 
president, J. R. Somavia, settled on the 
Guadalupe Rancho, near Gonzales in 
this county, in 1851. Realizing the 
value of popular enlightenment, he do- 
nated two acres to the local educa- 
tional authorities on which to erect a 
school, that was named in his honor. 

A few weeks ago our school savings 
system was introduced into this section 
and our vice-president agreed to pre- 
sent a beautiful flag to the Somavia 
School, provided that all of the pupils 
started to save on the first "Bank Day." 
There was a 1 00% response to Mr. 
Somavia's offer and a beautiful new 
flag now waves over this little pioneer 
school, a token of our friend's kindness 
and patriotism, as well as a tribute to 
the children's thrift. 

Oakland, Broadway-Grand 

B. F. Edwards, our vice-president 
and manager, has resigned to give his 
entire time to varied personal interests. 
Mr. Edwards organized the Broadway 
Bank of which he was president, until 
it was absorbed by the Bank of Italy, 
when its name was changed to Broad- 
way-Grand branch. 

John Allan Park, formerly manager 
of our Hayward branch, is now actively 
connected with this branch as chairman 
of our advisory board. John Allan 
thought that he "must retire" two years 
ago, but after a wonderful trip to the 
South Seas, he returned absolutely re- 
juvenated and therefore could not re- 
sist a call to the field of labor. 

C. E. Rowlands, assistant manager, 
formerly of Eleventh and Broadway, is 
now happily domiciled here, as is Jack 
Lofland, at one time with our head 
office and later with Oakland branch. 

Other members of our staff include 
Messrs. Hill, Baer and Fraser, the latter 
being of the Ancient and Honorable 
Clan Fraser. Two estimable, young 
ladies, Misses Schullerts and Wall, 
complete the personnel of our banking 
unit that we hope some day may be 
known, not only as the Broadway- 
Grand branch, but also as Broadway's 
Grandest branch. 

B an k it a I y L i f e 


Hayward Branch 

William John Kieferdorf, trust offi- 
cer, was a visitor last week, and when 
he left us we hope he was impressed 
with our city and its future as a "trust 
producing" center. We hereby promise 
Bill our earnest cooperation in his am- 
bition to build up a department that 
will be worthy of the good men who 
direct its activities. 

Lieutenant John A. Mitchell, assist- 
ant cashier, attended the Convention 
of the American Legion in San Fran- 
cisco this month and lived over again, 
with his "buddies," some of his old 
army days. John was delighted because 
of the manner in which San Francisco 
entertained the enlisted men of the 
world war. 

We were greatly pleased to learn 
that John Allan Park, member of our 
present advisory board and our former 
manager, was "back in harness" again, 
as chairman of the Broadway-Grand 
advisory board. We congratulate that 
branch in having so efficient an asso- 
ciate and wish John Allan an abun- 
dance of success. Mr. Park is a brother 
cf Colonel George Hamilton Park of 

Nick Rizzo, until recently with our 
Oakland branch, is now associated with 
us and we are glad to have Nick on 
our pay roll. Wonder if he is related 
to Frank Risso of Los Angeles, through 
his last name, for they "listen" alike. 

Charlie Nordyke of our bond depart- 
ment, who calls here frequently, says 
that he appreciates the generous assist- 
ance he invariably receives at this 
branch, but the very name "bond" 
naturally appeals to us and always 
awakens a sympathetic feeling that 
should obtain throughout our organi- 

San Miguel Branch 

We have requisitioned cur comp- 
troller for a "gun" and as soon as Mr. 
Burmister fills our order, we are going 
to set up a target for practice. Miss 
Pendery, manager of our local "wom- 
en's banking department," thought 
that our ladies should be provided with 
a bow and arrow instead of a gun, but 
that is too primitive for San Miguel. 
Besides, it savors too much of Cupid's 

There are two big industries in a 
formative stage here, but at present we 

are not at liberty to tell what they are. 
If the plans mature, it will accelerate 
business in San Miguel to such an 
extent that we may have to change 
our office hours by opening at 9 and 
closing at 5, besides providing for a 
Saturday night crew and a midnight 
safe deposit service. 

Fillmore-Post Branch 

R. G. Haddow, of our staff, is an 
Alameda County commuter and as such 
assists the ferry boat captains in mak- 
ing safe landings on foggy mornings. 

J. C. Bray, our manager, attends ses- 
sions of the Fillmore Street Merchants 
Association, with some regularity. Joe 
says that the rules of order governing 
deliberative bodies are not strictly ad- 
hered to, so that the assemblages are 
never mistaken for Quaker meetings. 

Miss Hartmann, our respected ste- 
nographer and amateur photographer, 
has been visiting relations in Illinois, 
not far from the old home towns of 
Fred Kerman and Herman Nater. 

We have a live quartette here in 
Messrs. Barsotti, Burko, Cordano and 
"Flash" Morosco. Sometimes "Flash" 
has been mistaken for the actor bearing 
his family name, but he wants it under- 
stood that he is a banker, not a Thes- 

Livermore Branch 

Our "leading lady" is wearing a 
very handsome sparkler set in plati- 
num, on the "right" finger of her left 
hand. The date of the coming event 
and other details have not been an- 
nounced, but watch this column closely 
for further particulars. 

Haldar Quenild, a very fine Norwe- 
gian "faller," has joined our staff as 
successor to Peter Perata, 'who has 
gone into the restaurant business. Pete 
has already regaled his former asso- 
ciates with a table d'hote Italian dinner 
and we are unanimous in vouching for 
the excellence of the "sample" menu. 

Charles Arnette Smith, our man- 
ager, has been appointed on the "mem- 
bersnip" committee of the American 
Bankers Association. Charlie has been 
honored many times by his banking 
brethren, for he is a past president of 
the California Bankers Association and 
has served several terms as a member 
of the Executive Council, A. B. A. 


Bankitaly Life 


Marysville, Rideout Branch 

George Thompson 

Who with his father introduced seedless 

grapes into California 

in 1877, William Thompson and his 
son George, our distinguished neighbor, 
whose picture appears above, sent an 
order for nursery stock to Ellwanger & 
Barry, Rochester, New York. With this 
order there came for "trial" three Eu- 
ropean grape vines. Two of them died 
en route, while the third survived and 
under the watchful care of the Thomp- 
sons proved to be the foundation of the 
wonderful Thompson Seedless Grape 
industry in California. 

It was J. P. Onstott, progressive and 
intelligent vineyardist, who introduced 

the resolution in the Sutter County 
Horticultural Society, providing that 
the little grapes from the Mediterra- 
nean region of Europe be henceforth 
known as the "Thompson Seedless," 
although it is known in botanical 
circles as the "Sultanina." It was Mr. 
Onstott who gave this grape its start 
as a commercial product, for he planted 
a very large acreage, thereby sharing 
honors with the Thompsons in the de- 
velopment of this worldwide horticul- 
tural pursuit. 

George Thompson, 84, is living on 
the old family vineyard, in Sutter 
County, just west of Sutter City. 

"His age is as a lusty winter, 
Frosty, but kindly." 

We have established a local branch 
of the American Institute of Banking 
in Marysville. Russell G. Smith, assist- 
ant vice-president, and Joseph Martyn 
Turner, assistant cashier, from the head 
office, were here to help us organize. 
We thank Russell and Joe. After the 
meeting all the initiates adjourned to a 
Chinese restaurant, where Joe Turner 
and Willard Walker of Sacramento in- 
dulged in a chop-stick duel. Joe won, 
for he had the longer reach, but Wil- 
lard excelled in foot-work, because he 
was the better "walker." 

Fresno Branch 

Our million dollar hotel, "The Cali- 
fornian," is nearing completion. Fres- 
no has suffered at times from lack of 
hotel facilities, but henceforth we shall 
care for the traveler even as San Fran- 
cisco and Los Angeles do, so that we 
too can say to all the world: 

"Come in the evening, or come in 
the morning, 

Come when you're looked for, or 
come without warning." 

In the line of local building activ- 
ities, it might be well to also mention 
the new two million dollar home of the 
San Joaquin Light & Power Company 
and the big fireproof structure of the 
Pacific-Southwest Bank. Fresno is al- 
ready being looked upon as the "Chi- 
cago of California," while Los Angeles 
and San Francisco are sparring for the 
title of "The New York of the West." 

The Sun Maid Raisin Growers Asso- 
ciation has announced that its first pay- 
ment to the growers of the San Joaquin 
Valley will be ten million dollars on 
their 1923 output. 

B a n k i t a I y Life 


Los Angeles Branch 

The Los Angeles Chapter, Bankitaly 
Club, which includes all officers and 
employees of our bank in this city, 
held its annual picnic at Santa Monica 
on Columbus Day. Upon reaching the 
beach most of the picnickers changed 
costumes in preparation for a "dip" in 
the surf. 

The most interesting morning event 
was the 220-yard dash. Lawrence 
Kolb of the L. A. branch won, with 
Nicholas Christina, second, and Harvey 
Eberhart, third. Hugh Pye, assistant 
manager at our Broadway branch "also 
ran," but he now realizes that golfing 
is not conducive to speed. The relay 
race was won by L. A. branch, with 
International, second, and Broadway, 
third. This was a well matched contest 
and the victors earned their prizes. 

The tug of war between the L. A. 
and International branches resulted in 
a victory for the latter. "Anchor" 
Brennan and his nine team mates of 
L. A. were pulled over the line in four 
minutes, by the boys from North Spring 
Street, who were coached by Scar- 
borough and Couget. Eddie Lyons, 
chief clerk at Seventh and Olive, who 
by mutual consent pulled for the Inter- 
national team, after releasing the rope, 
said to Hal Stanton, "If we hadn't won, 
we'd lost." 

An elaborate picnic dinner was 
served, on the south side of Crystal 
Pier, which was protected from the sun 
by palm leaves. The whole setting 
combined with the placid influence of 
the blue Pacific, lent a "South Seas" 
atmosphere to the occasion, minus the 
presence of dark-skinned natives. The 
afternoon was devoted to dancing. 
Louis Cortese, of the International 
branch, secured the prize in the danc- 
ing contest. 

The success of our Club's first picnic 
was due to Homer Lawton, chairman 
of the entertainment committee, and 
the following aides: Miss Strang, 
Messrs. Dugan, Halback, Couget, Jew- 
ett, and Nick Christina. Herman Nater, 
assistant vice-president, was the happy 
medium through which the committee 
released its announcements and he per- 
formed his duties most acceptably. 

So many capable and well known 
staff members from our head office and 
branches are gravitating to Los An- 
geles, that visitors from all over the 
northern part of California find them- 

selves more or less at home here. If 
callers from San Francisco listen care- 
fully at our southern California head- 
quarters, they may even hear the 
"Master's Voice." 

Frank Risso, assistant vice-president 
from the head office, refuses to be 
inoculated by the ever rampant germ 
"boosteritis," so prevalent in Los An- 
geles. Francis refuses to admit the 
superiority of our city over San Fran- 
cisco, but concedes our women to be 
more beautiful than those up north. 

Columbus Avenue Branch 

A stork is hovering about this 
branch, or rather about the home of 
one of the members of our staff. No! 
it is not Jimmie Raggio's home, this 
time, so guess again! 

A boulevard connecting this section 
with the summit of Telegraph Hill will 
be completed in another month. We 
remember when there was a cable road 
leading to the top of that historic emi- 
nence, but grass now grows on the 
hillside, once traversed by the old street 

A local wag says that Peter Lau- 
renzi is "using his weak ends," pre- 
paring "200 gallons of grape juice," 
the maximum permitted for one family 
under the Volstead Act. Our assistant 
cashier wants it understood, that the 
finished product will not be Welch's 
but "Pete's grape juice." 

When our Miss Bosco returned from 
her vacation at Santa Cruz she said 
that bankers should be quite at home 
there, for the beach is full of "figures." 

Since we have passed one and one- 
half million dollars in deposits, we have 
started to negotiate for our adjoining 
premises. The constant enlargements 
necessary at this branch, in fact at all 
of our branches, recalls the story about 
the old E. M. F. auto. A Chinese serv- 
ant, upon being asked what those let- 
ters meant, said, "Every Morning 

Our branch was much interested in 
the Discovery Day celebration this 
month, because it bears the name of 
the great admiral whose mighty 
achievement has contributed so much 
to the welfare of the human race. May 
we all prove worthy of the ideal home 
that Columbus found for us. 

{Branch news continued on page 18) 

The DiscovKof 

Early in the morning of October 17, 1904 (our bank's birthday), Captain A. Pf^ 
on duty that "land must be near," for he saw "branches" in the water. A few hours Ih 
San Francisco. Officers and crew on deck, left to right: A. Pedrini, James J. Fagan, ft( 
rigging: left, Charles F. Grondona; right, Victor A. Caglieri. 



of California 

nnini, in command of the good ship "Bank of Italy," said to those members of his crew 
r he "docked" his vessel safely, at the corner of Montgomery and Washington Streets, 
Cavagnaro, Lawrence Scatena, George G. Caglieri, A. P. Giannini, commander. In the 


Bankitaly L i f 


San Diego Branch 

"Chuck" Willoughby, baseball cap- 
tain, all-around athlete, a governor of 
our local Bankitaly Club and, incident- 
ally, one of our tellers, is about to 
become, as the above picture indicates, 
a handsome husband! In spite of the 
fact that most of our girls have bobbed 
their hair in an attempt to "vamp" 
Chuck, he has remained unshaken in 
his affection for the one. 

We take this opportunity of extend- 
ing our cordial best wishes to Chuck 
and his bride, for their health and 
happiness. Let us hope that his devo- 
tion to our baseball team, to our bank 
athletics, to our Bankitaly Club and to 
the bank itself, will be secondary only 
to that bestowed on Mrs. Willoughby. 

Our Bankitaly Club Hallowe'en cos- 
tume dance should be a great success. 
H. E. Anthony, our manager, is to 
appear as "Cupid," while our Mr. 
Brandt may essay the part of Barney 
Google in his inimitable race track 

Our remodeled quarters will soon be 
ready and while the completion of the 
work at hand will not be marked by 
the "joy" attending the dedication of 
a new building, we shall nevertheless 
be very happy. 

Oakland Branch 

Herbert Bender, city cash collection 
teller, was married to Miss Boston of 
our savings department, last month. 
We congratulate our young friends and 
"may love and peace combine, to stamp 
their marriage-bond divine." 

When Alma Thorne, of our note 
department, returned from her two 
weeks outing at Santa Cruz, it termi- 
nated our vacation schedule. Miss 
Thorne very kindly refrained from 
taking her annual rest until every other 
person had recreated. That self-sacri- 
ficing spirit seldom goes unrewarded. 

John F. Rivolta just telephoned in, 
that Miss Rivolta had arrived and was 
about to register as one of this season's 
sub-debutantes. We understood John 
to say that his daughter tipped the 
scales at 19 pounds, but he may have 
said 9 pounds. Hearty congratulations 
to the Rivoltas. 

Clara Schullerts, formerly associated 
with our new business department, is 
now a member of the Broadway-Grand 
organization, where Clem Rowlands 
holds forth as an executive. 

Oswald Allison, assistant cashier, is 
conducting a class in "practical bank- 
ing" at the American Institute of Bank- 
ing. Oswald's role as a professor calls 
to mind Goldsmith's poetic reference 
to his old teacher. 

"There, in his noisy mansion, 

skill'd to rule, 
The village master taught his little 

A man severe he was, and stern 

to view, 
I knew him well and every truant 

Full well we laugh'd with ccunter- 

feited glee, 
At all his jokes, for many a joke 

had he. 
The village all declar'd how much 

he knew, 
'Twas certain he could write and 

cipher too." 

An Internal Revenue agent, con- 
nected with the income tax department, 
one of those gentlemen who "drops 
in" periodically in quest of discrepan- 
cies, has voluntarily informed us that 
"our vault records are 1 00 per cent in 
order." Charlie Matthew is custodian 
of our vaults. 

Bankitaly L i f 


Polk- Van Ness Branch 

James Van Ness, 
after whom our city's 
beautiful thorough- 
fare, Van Ness Ave- 
nue, has been named, 
was born in St. Al- 
bans, Vermont, No- 
vember 26, 1806. He 
was the son of Gov- 
ernor C. P. Van Ness 
o f Vermont, who 
served that state from 

1823 to 1826. 

ames Van 


When James Van 
Ness came to San Francisco, his splen- 
did legal talents were soon recognized 
and he quickly rose to eminence, hold- 
ing the offices of alderman and recorder 
before becoming Mayor of San Fran- 
cisco in 1855. 

Van Ness Avenue Named 

Mr. Van Ness is best known in the 
history of San Francisco as the author 
of the Van Ness ordinance, adopted by 
the Town Council in 1855 and after- 
wards ratified by the California Legis- 
lature and by Congress. This ordinance 
quieted title to all lands lying west of 
the then town limits, Larkin and Ninth 
Streets, and provided for a commission 
to lay out that part of our future great 
city, west of such limits. It was in 
recognition of his services that Van 
Ness Avenue was so named. 

When Van Ness moved to San Luis 
Obispo County, he was again pressed 
into public service, and in 1871 suc- 
ceeded Romualdo Pacheco as state sen- 
ator from San Luis Obispo and Santa 
Barbara Counties. He died at San Luis 
Obispo on December 28, 1872. 

Pleased with Our Designation 

This unit of our banking system is 
pleased to have been named the "Polk- 
Van Ness Branch" in honor of two 
men, President James K. Polk and 
James Van Ness, who served the people 
with such distinction. Our manager's 
desk is adorned with a framed picture 
of these two foremost citizens, along- 
side of which is a photograph of Presi- 
dent A. P. Giannini of the Bank of 
Italy, a trio of notables, whose names 
will live in the annals of our country, 
and of our glorious state, as exemplars 
of patriotism and of progress. 

Gridley Branch 

Our Libby, McNeill & Libby cannery 
announces having packed, for con- 
sumption all over the world, one quar- 
ter of a million cases of peaches. 

There was great rejoicing at this 
branch when a contract was recently 
let to install a modern heating system. 

A young lady in our collection de- 
partment is entirely in accord with A. 
Pedrini, vice-president, as to the value 
of walking as a healthful exercise. 

The front of our building is being 
repainted and we hope that Clarence 
Cuneo, of our real estate department, 
will go just a little further and "touch 
up" the interior of our banking room. 
We don't want an ornamental ceiling 
and walls like the head office,; just a 
delicate tint will answer very nicely, 
and you surely will give us that, won't 
you, Clarence? 'Atta boy. 

Brevities: Gridley branch is getting 

ready for a duck stew, thanks to our 

assistant cashier, Mr. Ashley. 

Mary Beal has taken Miss Carnahan's 
place ever since Mona went to our 

Chico branch. We are giving 

loyal support to the Peach Belt Chap- 
ter, A. I. B. 

Faso Robles Branch 

G. M. McClerkin, examiner from the 
head office, recently spent a few days 
here "locking over" our note pouch. 
Mac was impressed with our town, our 
famous hotel and even our sulphur 
water. He would have liked to prolong 
his stay, but said, "Gentlemen, I must 
differentiate between an official visit 
and a vacation." 

Elfriede Fast, former accountant of 
the Santa Cruz Lumber Company, has 
joined our bookkeeping organization as 
successor to Maxine Wood, who is now 
associated with our affiliated bank at 
Long Beach. We trust that Elfriede and 
Maxine will find their new banking 
stations much to their liking. 

Paso Robles may yet be known in 
horticultural circles, as the Almond 
City, for our district has produced 650 
tons of almonds this year. We have 
every prospect of doubling that output 
next season, for nearly all of our trees 
are young. The almond tree was orig- 
inally a native of the Barbary Coast in 
North Africa, but thrives here as if 
indigenous to the soil. 


Bankitaly Life 


Telegraph Avenue Branch 

Cyrus W. Field (1819-1892) 

In the August issue, Bankitaly Life, 
we referred to John W. Mackay, father 
of the Pacific cable. Our name, "Tele- 
graph," would seem to make it appro- 
priate for us to refer to another dis- 
tinguished American, in the field of 
telegraphy, Cyrus W. Field, through 
whose intelligent efforts the first trans- 
Atlantic cable was laid. After several 
unsuccessful attempts to lay it, the 
great work was finally accomplished in 
July, 1866. Mr. Field received a gold 
medal from Congress, and a vote of 
thanks, besides being the recipient of 
many other honors at home and abroad. 
Field had several brothers, all of whom 
were men of mark. 

Telegraph Avenue having been 
widened, is now the main thoroughfare 
between Oakland and Berkeley. Traffic 
has materially increased along the line 
with a corresponding growth in busi- 
ness. In fact, it is said that all activities 
on Telegraph Avenue are now carried 
on with greater "dispatch." 

New homes are already springing up 
in the burned area of Berkeley, our 
neighbor. That city suffered one of the 
greatest disasters of modern times, but 

with indomitable western spirit it will 
rise more beautiful than ever. 

The new University High School sit- 
uated but a few blocks from here is 
said to be the best equipped "prep" 
school on the Pacific Coast, besides 
being a model of school construction. 
The University of California buildings 
close by were, no doubt, an inspiration 
to those who designed this great sec- 
ondary school. 

Of the 2 1 eastern manufacturing 
plants that started branches on this 
coast in 1 922, twenty of them located 
in Alameda County, where water and 
rail meet, climatic conditions are ideal, 
educational facilities unsurpassed, and 
where people LIVE. 

Our deposits have increased neaily 
1 00% since we moved into our new 
home, five months ago. October is our 
natal month, for just one year ago we 
opened our temporary quarters. 

Napa Branch 

When Edwin Richard Hennessey, our 
assistant cashier, was married to Miss 
Marjorie Muriel Bunce, he gave vent to 
his joy after the wedding ceremony by 

"Why, men, she is mine own 

And I as rich in having such a 
As twenty seas, if all their sand 
were pearl, 

The water nectar and the rocks 
pure gold." 

That's the talk, Ed, and may your 
dear little wife ever think as much 
of you. 

E. H. Amstutz, assistant cashier, is 
in New York, where he journeyed via 
Chicago. Ed. will return by way of 
New Orleans and Los Angeles. We are 
going to ask him to write his impres- 
sions for Bankitaly Life. 

Upon the return of Elsie Polzin, our 
bookkeeper, from a trip to Idaho, a 
delightful reception was tendered this 
young lady by her bank associates. 

Edna Koethen of our staff has won 
a favorable place in the "beauty" con- 
test recently staged by the American 
Legion. We have congratulated Edna 
and shall try to secure her picture for 
our house organ, so that our associates 
throughout the state may see our 
"prize winner." 

19 2 3] 

Bank Italy Life 


Tracy Branch 

While Lynn Oliver Stark, assistant 
cashier, was in San Francisco recently, 
attending the Grand Lodge F. and A. 
M., he called on Clarence Cuneo, 
assistant secretary, whom he describes 
as one of the busiest men he ever met. 
Mr. Stark says it is an inspiration to 
watch Clarence work. 

One of our staff met Alfred S. Kay, 
assistant cashier of the head office, 
while on a fishing trip in the Feather 
River country. Alfred employs two 
methods when in quest of fish. One is 
the old-fashioned "hook and line" sys- 
tem. The other is to partially disrobe, 
wade out in the center of a stream, 
feed the poor, unsuspecting fish with 
crumbs and then, when they are off 
their guard, grab them. 

John Canale went to Los Banos for 
the opening of the duck season, but as 
his "artillery" was not functioning 
properly, our teller was not at his best. 
Canale should have consulted with S. 
C. Cornett, manager at Los Banos and 
mechanician, who could not only repair 
John's gun, but who would give him 
valuable pointers as to how it should 
be used, in order to "bring home the 

A. R. Arnold, our manager, has 
incidentally become a very successful 
experimental farmer. Being convinced 
of the possibilities of truck gardening 
in the Tracy territory and having a 
general idea of agriculture from per- 
sonal experience, Mr. Arnold set about 
to satisfy himself, and others, of the 
true merits of this section from a pro- 
duction standpoint. 

His splendid success tells a most 
interesting story, and has determined 
the wondrous possibilities offered in- 
tensive garden farmers in the Tracy 

No section of California offers better 
opportunities for gardening, fruit and 
vine culture than the Tracy-West Side 
irrigated territory, which includes 
many thousands of acres. 

Recent achievements of Mr. Arnold, 
who planted eighty acres to trees and 
vines, insetting them with rows of vege- 
tables, have established a precedent 
that unfolds a world of opportunities. 

Centerville Branch 

Our new home was opened on Sat- 
urday afternoon, September 29. An 
orchestra helped to enliven the happy 
occasion, which was brightened by 
gifts of flowers and by the presence of 
loyal friends for miles around. 

Arnold Mount and Louis Tesio came 
to our opening from the Oakland 
branch; George Gallagher came from 
head office; Howard White, San Pablo; 
James Hargreaves, Melrose; Will 
Knightly, Hay ward; Charlie Smith, Liv- 

President Giannini sent us, as a tan- 
gible assurance of his regard, a vase 
full of exquisite flowers that stood out 
prominently in our beautiful floral 

On the Monday morning following 
the dedication of our new building, we 
had on deposit one and one-half million 
dollars and hereby challenge any bank 
in any other unincorporated town in 
California to "beat" that showing. 

John G. Mattos, Jr., our vice-presi- 
dent, attended the Grand Lodge of the 
U. P. E. C. at Areata and was reelected 
Grand Treasurer for the Nth time. 
Judge Mattos has had many distin- 
guished titles bestowed on him, on 
numerous occasions, by admiring 
friends and fellow citizens. 

Frank T. Dusterberry, our manager, 
accompanied by J. A. Coney of our 
advisory board, were recent guests of 
the P. G. & E. Company at its Pit River 
power plant, and report having had a 
"royal" time. This great electric light 
and power corporation is giving to 
California a service not unlike that 
which the Bank of Italy is rendering, 
because it is furthering statewide de- 
velopment, in an intensive way. 

M. P. Mathiesen, assistant cashier, 
"bagged the limit" on the first day of 
the duck season, but we were not sur- 
prised at that, for "Mat" never disap- 
points. The history of the evolution of 
hunting is interesting, for what was 
once the labor of ancestral tribes has 
become the amusement of men skilled 
in the use of firearms. 


Bankitaly Life 


Sacramento Branch 

Although one year 
has passed since our 
respected townsman 
Harris Weinstock 
passed away, the 
story of his early 
struggles in Sacra- 
mento is still a pop- 
ular theme in this 
great valley of ours. 

A brief account of 
Mr. Weinstock's in- 
Harris Weinstock teresting career 
should be an inspira- 
tion to every young man, whether he 
be a merchant, artisan or a banker. 
Harris Weinstock commenced business 
at Sacramento in association with his 
half-brother, David Lubin. The "Me- 
chanics Store," the small beginning of 
what is now Weinstock, Lubin & Com- 
pany, was established in 1874 at Fourth 
and K Streets. Courtesy to customers 
and the fair dealing which characterized 
this business concern, very early gave 
assurance of success. Of this period in 
his life, Mr. Weinstock once said: 
A Husky Salesman 

"At the age of twenty-one, I had 
been for a time in business partnership 
with my half-brother, David Lubin. 
Prior to that I had been a clerk in a 
California country store, where one 
moment I might carry up a sack of 
potatoes from the basement on my 
shoulders, and next, perhaps, try to 
sell a silk dress to a female member of 
the rural aristocracy. 

"Mr. Lubin, meanwhile, had his 
share of soft experience by being a 
jewelry polisher in a Massachusetts fac- 
tory, a lumberjack and a cowboy in 
Arizona, an inventor of a safety lamp, 
and a traveling salesman. 

Unlimited Ambition 

"When we came to join our forces 
to go into business in Sacramento, 
which in those pioneer days was almost 
a frontier community, Mr. Lubin was 
twenty-five years old and I was twenty. 
Our joint capital was but a few hundred 
dollars, with little or no credit and with 
an experience that consisted chiefly of 
hard knocks. What we both had in 
common, however, was unlimited ambi- 
tion and willingness to go the limit in 

Strange "Neighbors" 

"Our initial business venture was 
confined to a shop about ten by twelve 
feet in size, bounded by a Chinese laun- 
dry, a butcher shop, and a beer saloon 
underneath. Sacramento was then 
largely a wage-earning community. 
The principal machine and repair shops 
of the Central Pacific Railroad were 
located there, employing an army of 
men. We began by catering to that 
trade. Mr. Lubin, about that time, 
invented an important improvement on 
overalls. This article was in great de- 
mand by the workers and gave us 
somewhat of an edge over competitors. 
Slept Under the Counter 
"At first, it was a slow and painful 
struggle. With little or no capital, with 
no credit in the commercial world, it 
demanded the hardest sort of work 
and the greatest faith to educate a 
whole community to our 'one price* 
idea, a net)} ivay of doing business. It 
meant working as I had worked in the 
country store, from seven in the morn- 
ing until late at night, week-days and 
Sundays. It meant saving every penny 
to add to our meager capital by sleep- 
ing under the counter, and by practic- 
ing in other ways the utmost frugality. 
Filled Gaps with Cigar Boxes 
"Small as was our 10x12 store, the 
stock of goods on hand was not enough 
to properly fill out our few amateur- 
ishly made shelves. A neighboring 
cigar dealer, out of the goodness of his 
heart, furnished us with his empty cigar 
boxes, which we filled with manila 
paper and used them as dummies to 
close the gaps, in our shelving. Day by 
day, however, and slowly but surely, 
first, the neighbors, and then through 
them their friends, began to have a 
steadily growing confidence in us and 
in our new business methods. They 
gradually began to appreciate the ad- 
vantage of trading in a little place, 
where it was as safe to send a child to 
buy as the shrewdest and best-posted 

Practicing the "Golden Rule" 

"We had just one great ambition 
and that was to be able to look every 
customer squarely in the eye and feel 
that he was being treated as we would 
like to be treated if we were customers. 
We had blind faith that such a business 
policy must spell ultimate success. 

B a n k i t a I y L i f 


Excelsior Branch 

Our district now has a population of 
65,000, just 10,000 less than the Park- 
Presidio section, where we have a 
branch at Ninth Avenue and Clement 
with Henry Hunter Scales, manager. 
Our principal thoroughfare is Mission 
Street, once known as the El Camino 
Real, or the King's Highway. No! it 
was not given that name because it led 
to "King City." 

This month marks the first anniver- 
sary of our branch lucky month, for 

it was in October that Columbus found 
America and that A. P. Giannini "dis- 
covered" California. 

Our friends, whom our local chief 
meets at the head office and at Mont- 
gomery and Clay Streets, should stop 
saying, "Filippi, how are cabbages out 
your way?" As a matter of fact, that 
brassicaceous plant is fast disappearing 
from our midst and on nearly every 
lot where once it grew is a happy 

Blest be that spot, where cheerful 
guests retire 

To pause from toil, and trim their 
evening fire; 

Blest that abode, where want and 
pain repair, 

And every stranger finds a ready 

The "new business" spirit is very 
strong with us, as the following inci- 
dent testifies. In the remodeling of our 
branch, some old lumber was piled on 
the sidewalk and a neighbor asked us 
if he could haul it away. Our Mr. 
Fi'ippi said he would see the contractor 
at once and endeavor to meet the 
request, but added, "By the way, have 
you an account at this branch?" 

Francis F. Risso, assistant vice-pres- 
ident and our local advisor, has been 
detained in Los Angeles for an un- 
expectedly long period, due, he says, to 
"an interminable demand upon my 
time in connection with the multifari- 
ous duties incidental to my fiduciary 
responsibilities, not to mention the ab- 
solute necessity of my presence at 
numerous social functions." Poor 

Hanford Branch 

Fred Petersen, our former assistant 
cashier, is now a member of G. O. 
Bordwell's inspection staff. We were 

sorry to lose "Pete" and our best 
wishes went with him to a more exalted 

When our Bob Ellena was seen pur- 
chasing a sparkler, in a local jewelry 
store, he explained the matter by say- 
ing "it was for his sister, who lives near 
an oil well, in Long Beach." This was 
the first intimation we have had that 
Bob had a sister, and we want to say it 
was mighty nice of him to think of her. 

While some branches are featuring 
their golfers, wrestlers and other ath- 
letes, we want to introduce a promis- 
ing pinochle player, in the person of 
our local chief executive, Merton Bel- 
cher. "Mert" is absolutely fearless and 
is ready for all comers at any time, 
provided always they can "make his 

Stockton Branch 

Mr. and Mrs. F. A. Ferroggiaro are 
being congratulated on the birth of a 
little boy, who has been named Fred- 
erick A., Junior. There was a lively 
guessing contest as to what the name 
of this scion of our assistant vice-presi- 
dent was to be. Such names as Robert 
Teefy, Adolph Beck, Fred Wurster and 
Jim Reilly were suggested as worthy of 
consideration, but when the "ballots 
were counted," the name of Fred Fer- 
roggiaro, Jr., like that of Abou Ben 
Adhem, "led all the rest." 

Malcolm E. Minahen, paying teller, 
was married last month and we all 
joined in felicitating our comrade and 
his bride. During the world war Mal- 
colm's company was decorated for dis- 
tinguished services. His excellent choice 
of a wife indicates that he is still in 
good "company." 

Brevities: One of our ambitious 

young men hopes that our bank will 
some day have a branch in Hollywood 
and trusts that our Board of Directors 
will not overlook August F. Negrete 
in looking around for a manager. 

J. S. Reilly, assistant cashier, 

has returned from Europe and points 
with pride to the fact that the little 
internecine strife in Ireland was 
straightened out while he was "over 

there." Adolph Beck, assistant 

cashier, went duck hunting, and al- 
though he did not have a dog, he 
brought back a duck nevertheless. 

page twenty-four £ ank Italy Life 


Santa Clara Branch 

T. I. Bergin 

We are submitting 
this month, a picture 
of Thomas I. Bergin, 
famous California at- 
torney, and the first 
f graduate of Santa 

Clara College. He 
received the degree 
of Bachelor of Arts 
in 1857 and of Mas- 
ter of Arts in 1865. 
In the catalogue of 
Santa Clara College 
for the year 1856, 
we find this note: "Thomas 1. Bergin 
having last year stood a test in the 
whole of Homer's Illiad, this year of- 
fered himself to be examined in the 
24 books of Homer's Odyssey and 
Demosthenes' Philippics and De Cor- 

A "beauty parlor" has been started 
right near our branch. Immediately 
following its establishment we had our 
building painted and we have been 
asked if that was done because of the 
psychological effect of the B. P. or 
was it just a coincidence. 

The Santa Clara Journal has recently 
installed an up-to-date plant, which 
doubtless means colored editions, a 
rotogravure section and a magazine 
department. After that we shall not 
be satisfied until the Journal installs 
an immense bulletin board and a mag- 
navox, so that we shall not have to go 
to San Jose to get election returns, 
baseball news and, last but least, 
"fistic" information. 

Miss Acronico, esteemed colleague, 
having completed five years of faithful 
service, now wears a silver service 
emblem. We hope our readers will not 
confuse this announcement with a 
"silver anniversary," because Rose is 
still a very young lady. 

Colma Branch 

C. Cattori, our manager, with Mrs. 
Cattori and baby Elizabeth, are vaca- 
tioning in the south, where the sun is 
nearly always shining. Sunshine is all 
right, but a little fog is not undesirable. 

Walter Vincent, assisted by Joe Cro- 
nan, recently made an inspection of 
our branch and we are looking forward 

to a copy of their report, with all the 
eagerness of school boys awaiting re- 
turns on their "exs." 

Our branch now has a new electric 
sign that casts its radiance about our 
little town in a way that cheers not 
only our own people, but also weary 
travelers along our ever busy highway. 

George Lagomarsino, former presi- 
dent of the Colma State Bank, has been 
elected chairman of our advisory board 
and Romilda Ramacciotti has been 
selected as our stenographer. This 
young lady is the daughter of A. G. 
Ramacciotti of our local governing 

Bay View Branch 

This branch was six months old on 
September 30th. Our Market-Geary 
confreres entertained us on that day 
by giving an excursion in our honor, 
with the beautiful seaside cottage of 
Mr. and Mrs. Fahlbusch, at Moss Beach, 
as the objective. We had a delightful 
time and are most grateful to our hosts. 

Ernest Zerga, assistant cashier at the 
head office, very kindly assisted us 
during the vacation of our "boss," Mr. 
Armanino. While it has been said that 
Mr. Zerga was at one time enamoured 
of the Mission district, that was before 
he saw Bay View. 

"Once upon a time" this part of San 
Francisco was known as the Potrero, a 
Spanish name meaning "a herding 
ground or pasture." While there are 
some people who still use that designa- 
tion in speaking of our section, the 
term is now obsolete and undeserved, 
for, barring a few goats, there are no 
ruminants out here as "permanent 

A big market has been opened near 
our branch, that will assist in making 
this portion of San Francisco rather 
independent of other parts. Our fath- 
ers and mothers recall the time when 
they had to go to Market Street for 
supplies, and travel in horse cars at 
that, unless perhaps a friendly butcher, 
from our local abattoirs, gave them a 
"ride in." 

Live Oak Branch 

T. P. Coats, Jr., assistant cashier at 
our Rideout branch, Marysville, very 
kindly assisted us during the vacation 
of our manager, Mr. Cobeen, who on 
his return brought back two big bucks, 

9 2 3] 

Bankitaly Life 


mute evidence of his splendid marks- 

The streets of our town are being 
paved, new buildings are being erected 
and altogether there is a progressive 
feeling abroad in this land of ours that 
seems now to satisfy all doubters that 
we have not been misnamed in being 
called "Live" Oak. 

It may interest many of our Bank 
of Italy people to know that we have 
been very busy this fall, handling 
"raisin" certificates, for many tons of 
this fruit have been harvested up here 
in Northern California. We never ex- 
pect to rival Fresno in this particular 
regard, but we can say without fear of 
contradiction, that we raise a greater 
variety of products than does that big 
community with its new million dollar 

Redwood City Branch 

On October 1 6th the people of our 
city decided to purchase the Redwood 
City Water Company. A bond issue 
will be floated to consummate this deal 
that will involve an expenditure of 
about $30,000. 

When the great Hetch Hetchy water 
distributing system has been completed, 
it will be a comparatively easy matter 
for us to connect up our local water 
pipes with the big mains that will run 
from the snow-capped Sierras to San 

Redwood City has also decided on 
an improved outfall sewer system to 
take care of the growing needs of our 
county seat. This will assist us in our 
ambition to be more worthy of our 
big, progressive metropolitan neighbor, 
only 28 miles north. We hope that our 
community may some day justify the 
term now frequently applied to Oak- 
land, "a bedroom for San Francisco." 
Our climate is as balmy as that of 
Alameda County, and besides Redwood 
can be reached in forty minutes with- 
out the necessity of a "sea voyage." 

The Pacific Portland Cement Com- 
pany is about to spend two million 
dollars on a local cement plant that 
will be erected on the bay border land, 
near the outskirts of the city. Although 
millions of barrels of Portland cement 
are being manufactured monthly, the 
demand for this building product con- 
tinues unabated, and its future in Cali- 
fornia seems assured, even though we 
have lumber in abundance. 

Modesto Branch 

Carl F. Wente, our manager, brought 
in the "maximum" at the opening of 
the duck season, and we have been 
thinking that his picture, like Clarence 
Cuneo's, should appear in our house 
organ, as a "great hunter." 

John Murray Williams, assistant 
manager, was taken ill while on a visit 
to San Francisco and an operation 
found necessary. During his convales- 
cence, he studied intensively a "foreign 
language" yclept "code telegrams" in 
their particular relation to grape ship- 
ments. Murray surely made the most 
of his illness in acquiring another 

Elwyn Van Wagner, bookkeeper, is 
being initiated into the mysteries of 
that oriental diversion, Mah Jongg. 
His fair instructress says that Van may 
yet be able to grasp the first principles 
of this enigma if he will only keep his 
mind on the game. 

Mr. and Mrs. Stanley Tennyson An- 
drews entertained the Bank of Italy 
staff this month at their cozy little 
home. Stanley is very proud of the 
success of Modesto's school savings 
department, which is under his intelli- 
gent direction. He has two loyal assist- 
ants in Messrs. Johnson and Krueger. 

The trio of young savings enthusiasts 
referred to above hope to have Modesto 
pass Merced in school savings deposits, 
just as it has already passed the "City 
of Mercy" in the number of its school 
savings depositors. Please understand 
that there is nothing unfriendly in this 
rivalry. These fine boys simply want 
Merced to realize that Modesto is the 
more progressive community, and that 
its continued success in school savings 
is but one manifestation of its desire 
to be regarded as the "best town" in 
the San Joaquin Valley. 

We have "christened" our bound 
volume of head office circulars the 
"Bible." At our study group meetings, 
during the Fall and Winter, we have 
decided to master that book and if 
anything arises that requires elucida- 
tion, we shall appeal to the Supreme 
Court, at Powell and Market Streets, 
San Francisco, for a "ruling." 

page twenty-six Bank Italy Life 


N. D. Rideout 

Oroville, Rideout-Smith 

Several months 
ago, we submitted a 
picture of W. T. 
Smith, who, with N. 
D. Rideout, organized 
the Rideout-Smith 
Bank at Oroville, the 
predecessor of this 
branch. We are now 
happy to send to the 
editor a photograph 
of Mr. Rideout, to be 
reproduced in our 
house organ. This 
splendid gentleman, throughout his 
honorable career, was a very important 
factor in the development of the Sacra- 
mento Valley. Mrs. Phebe M. Rideout, 
his widow, is chairman of our advisory 

Inspectors Vincent, Beale and Yea- 
land called here recently and we trust 
their impressions of Oroville are as 
pleasant as are our recollections of 

Gladys Strang, formerly of this 
branch, but now with our women's 
banking department at Los Angeles, 
spent her vacation here. We were glad 
to realize that Gladys had not forsaken 
us entirely. 

V. C. Eicher, our chief clerk, is 
happy to announce the arrival in Oro- 
ville of a splendid little boy, weighing 
14% pounds, and "such a gentleman." 
Mr. Eicher, however, is not the only 
member of our staff who has recently 
assumed new responsibilities, for gen- 
eral bookkeeper Hansen has just been 
married. The entire Sacramento Valley 
unites in congratulating Chief Eicher 
and General Hansen. 

Oroville is preparing for its annual 
orange and olive exposition, that is 
scheduled for Thanksgiving week. We 
should like 1 to advise Roy Coulter, Her- 
man Nater and Frank Risso, former 
San Franciscans, but now Los Ange- 
lenos, that oranges ripen here several 
weeks earlier than in their beloved 
sunny South. 

Oroville enjoys another distinction 
in being the home of the famous horti- 
culturist, Mrs. Freda Ehmann, who in- 
vented a method of curing ripe olives, 

that has added immeasurably to the 
development of the great olive industry 
not only in California, but throughout 
the world. 

San Pablo Avenue Branch 

H. B. White, our manager, was an 
honored guest at the opening of the 
new building of our Centerville branch. 
Howard was for a number of years a 
"Centervillain," so he was very glad 
to meet many former neighbors. He 
also rejoiced to see his old home town 
making such fine progress that our 
local branch had actually "outgrown 
its old clothes" and simply had to have 
a "new suit." 

More great enterprises are springing 
up in this part of Alameda County. 
The Western Waxed Paper . Company 
has just completed a large factory near 
us and the Standard Underground 
Cable Company is erecting a big build- 
ing close by. All this means more 
money in the purses of our community, 
the overflow from which gravitates 
towards local depositaries, there to be 
loaned, on security, to other enter- 
prises, only to again find its way back 
to the people. All this proves that 
banks are "clearing houses" in a 
broader sense than in the general 
acceptation of that term. 

Fritz Erickson, efficient teller and 
soccer player, undertook to help out 
the head office soccer team a few weeks 
ago. During the progress of the game 
a player struck poor Erickson on the 
right shin, or tibia as Major Epstein 
would say. By the way, Fritz maintains 
that it was Erickson, a Norseman and 
a distant relation of his, who discov- 
ered America about 1000 A. D., there- 
by "beating Columbus to it" by 492 
years. We venture to say that Jim 
Raggio, manager at our Columbus 
Avenue branch, will not be pleased to 
hear about this. 

Edward A. Jones has entered our 
employ as bookkeeper. No, Ed does 
not claim to be a descendant of John 
Paul Jones, "Father of the American 
Navy." He claims, however, that the 
"Jones" tribe is playing as important 
a part in our country's development as 
the "Smith" family. Claim respect- 
fully referred to the manager of our 
Livermore branch. 

19 2 3] 

Bank Italy Life 


Fresno, First Branch 

The marriage of a granddaughter of 
O. J. Woodward, our vice-president 
and manager, to Barry O'Connor of 
San Francisco, has brought to light an 
interesting story of Barry's childhood 

When the school savings plan was 
inaugurated by the Bank of Italy on 
August 8th, 1911, little Barry went to 
the old Market Street branch, in San 
Francisco, with his mother, and stood 
in line with other children, awaiting 
his turn to be enrolled as one of the 
first depositors of the most successful 
school savings system ever established. 

Barry was given bank book No. 5 
and the regularity of his subsequent 
visits to the Bank of Italy school sav- 
ings department caused all of the offi- 
cers and employees of the Market 
Street branch to know him and to pre- 
dict for him a bright future. 

When Barry graduated from the 
S. F. high school he entered the Uni- 
versity of California, where he qualified 
as an excellent student. So assiduously 
did he apply himself that he won a 
prize, the heart of a beautiful co-ed, 
Miss Atha Woodward, whose grandpa 
is cur local chief and one of Fresno's 
first citizens. 

L. F. Ferguson, general bookkeeper, 
has invested in a Ford, which very 
likely means another vote for "Henry," 
if he aspires to be President of these 
United States. 

Julius B. Nielson, assistant cashier, 
was united in marriage last month to 
Irene Maneely and they are now domi- 
ciled in the sweetest little bungalow, in 
the northern part of our beautiful city. 
May their married life be marked by 
happiness and contentment. 

The Misses Campbell and McCahill 
are now "residents" of our transit de- 
partment. We trust these young ladies 
will find their work congenial and a 
stepping stone to any higher aspira- 
tions they may cherish. 

Vice-president Woodward is making 
preparations to circumnavigate the 
earth, once again. Mr. Woodward says 
he is glad that Columbus discovered 
the "world was round," as it is pleas- 
ant for him to realize on these "globe 
trotting" tours, that although he may 
be getting farther away from home all 
of the time, he is nevertheless getting 
closer to it. Paradoxical, yet true. 

Chico Branch 

When Robert Gardiser and Will Lle- 
wellyn were here a few weeks ago, on 
a school savings detail, they were en- 
tertained by E. T. Williamson, assistant 
vice-president. During the evening a 
fire broke out in the home cf the host, 
so his guests set to work and fought 
the flames, until the Chico fire depart- 
ment arrived. 

Gertrude Lewis, transit clerk, has 
been transferred to our Petaluma 
branch and with Miss Lewis went our 
very best wishes. 

Inspectors Beale, Vincent and Yeal- 
land favored us by calling this month 
and tendering assurances of their dis- 
tinguished consideration, for which we 
are indeed grateful. 

Our Mr. Williamson visited the 
northwest while on his vacation and 
although he frankly admits that section 
has its charms, he says it is not near 
as charming as this part of California. 

V. B. OrendorfF and Frank Ferguson, 
worthy members of our staff, have been 
cut deer hunting and bagged a three- 
point and a four-point buck, respect- 
ively, on the very last day of the season. 

Chico representatives of California 
Packing Companies say that they will 
handle two thousand tons of almonds 
this year, six hundred tons dried 
peaches, one hundred tons dried figs 
and four thousand tons of dried prunes. 
Does this not prove that our Valley is 
a "delicious blend" of the Santa Clara 
and San Joaquin? 

Santa Rosa Branch 

Our branch has a new electric sign, 
several feet high, that flashes "Bank of 
Italy" at frequent intervals during the 

In the daytime our four-story build- 
ing, with its clock tower, is the domi- 
nating point in Santa Rosa's skyline. 
Thus is our name ever kept before the 
eyes of those traversing the numerous 
highways leading to and from our city. 

Ida Hallberg, valued co-worker, will 
soon be married. We shall miss our 
associate, who has served us most faith- 
fully for six years. Sincerest felicita- 
tions to her fiancee. 

Miss Grace, daughter of our vice- 
president, is about to visit Honolulu, 
where she will be the guest of friends. 


Bankitaly Life 


San Jose Branch 

Gus. Lion 

Gustave Lion, fath- 
er of Mrs. W. E. 
Blauer, who has been 
intimately associated 
with the development 
of the Bank of Italy 
in the Santa Clara 
Valley for many 
years, died at his 
home in San Jose on 
October 18. Mr. 
Lion was a native of 
San Francisco, where 
he was educated. He 
had been closely 

identified with the commercial life of 
our city, as president of the L. Lion 
Sons Company, besides being intensely 
interested in promoting the general 
welfare of our community, through 
civic activities. The high esteem in 
which our departed colleague had been 
held, was attested by the great number 
of his friends who filled St. Joseph's 
church, where the funeral services were 
held. Our branch organization con- 
doles with the members of Mr. Lion's 
family in their bereavement. 

David M. Burnett, prominent attor- 
ney of San Jose and grandson of the 
first governor of California, has been 
appointed a member of our advisory 
board, to succeed H. E. Wilcox, who 
died in San Francisco last month. Mr. 
Wilcox was a former director of the 
San Jose Safe Deposit Bank, that once 
occupied our present site. 

President Giannini and his eldest son 
Mario called here once this month. 
Although it may be truly said that Mr. 
Giannini belongs to all California, he 
is in a limited sense a San Josean, for 
he was born in this city, within a 
stone's throw of this branch. 

Sanford E. Smith, of our advisory 
board, and a prominent citizen of our 
community, passed away this month. 
Mr. Smith once conducted a men's fur- 
nishing store on the present site of the 
Bank of Italy and always took an intel- 
ligent interest in public affairs, serving 
our city as president of the police and 
fire commission. He was a native of 
Oakland, but had lived in San Jose 
forty years. The members of our staff 
deeply sympathize with Mrs. Smith and 
her five children in the loss they have 

Pico Heights Branch 

Our branch still maintains 100% 
membership in the Los Angeles Chap- 
ter A. I. B. Seventy per cent of our 
associates are taking the regular study 
courses, which means that Pico may 
sometime be a recruiting post from 
which other branches are to be sup- 
plied with good men. in other words, 
we may yet bear the same relation to 
the entire Bank of Italy organization 
that the Naval Training Station at San 
Diego bears to the U. S. Navy. Our 
local chief has the title of manager, 
but, gentle readers, don't you really 
think, in view of the importance of 
this "prep-school," that Norman Fraser 
should be called an Admiral or a Cap- 
tain or something more "commanding" 
than a mere manager? 

Marie Schrader, our former stenog- 
rapher, efficient and affable, was mar- 
ried last month to Mr. Hills, a civil 
engineer, who is directing some big 
enterprises in Nevada. With Marie's 
marriage her position as a dictatee 
automatically ceased and she is now a 
dictator, but of course in a kindly way. 

International Branch 

L. M. Giannini, assistant to the pres- 
ident, was a recent visitor and we vied 
with each other in extending a hearty 
welcome to Mario after liis trip 

Our branch has been designated as 
headquarters of the Italian department 
in Southern California. I. J. Andreani, 
former assistant cashier at our Santa 
Rosa branch, is in charge and asso- 
ciated with John are Messrs. Alberti, 
Ostoggi and Miss Martini. The work 
being done by Mr. Andreani and his 
co-workers is rather comprehensive in 
its scope. 

Brevities: — Miss Lillian Allen, of our 
staff, has announced her engagement 
to Allen Gulick. Congratulations. 
A. H. Brouse, assistant man- 
ager, led a party up to Big Bear Lake, 
after ducks. Arthur led them back 
again, empty-handed, for the feathered 

tribe "ducked." Undismayed by 

Captain Brouse's experience, a light 
brigade, consisting of Messrs. Ordoqui, 
Del Francia, Christiani, Cortese and 
Wright, motored to Bona Vista Lake 
for ducks, but returned with rabbits. 


Bankitaly Life 


San Pedro Branch 

San Pedro is to have a clearing 
house association, like any other big 
city, and if the representatives of our 
various banks are late at the dady 
"clearing," they will be fined or other- 
wise punished just as they are in Los 
Angeles and San Francisco. 

G. D. Fatrious, of our Montgomery 
Street branch, has succeeded Joseph 
Rossi, who is about to engage in the 
hotel business in Santa Rosa, with his 
brother Louis, another old Bank of 
Italy man. Good luck to you, Joe, and 
kind regards to Louis. 

We had a visit this month from 
Messrs. L. M. Giannini, Frank Risso 
and Signor Perna. These gentlemen 
called in the interests of the exchange 
department of our bank. W. H. Mc- 
Ginnis, manager of our new business 
department at Los Angeles, also called 
and seemed impressed with San Pedro 
as a fertile field for his work. 

Jos. V. Lamore , former assistant 
cashier at Melrose branch, has been 
transferred to San Pedro and we are 
glad to have Joe with us, for all of his 
old pals up in Oakland speak well 
of him. 

Miss Putnam, faithful employee, has 
been married and is now Mrs. Rolich. 
While we rejoice with this young lady 
in her happiness, we were sorry to 
have her leave our employ, because 
she was an exceptionally capable per- 
son. We sincerely congratulate Mr. 

Sunset Branch 

As the new aquarium in Golden 
Gate Park is within a short distance of 
this branch, we have suggested to our 
publicity department that, if possible, 
a sign be placed on this angler's retreat 
reading "Do your fishing here, and 
your banking at Bank of Italy, Sunset 
branch, Eighth Avenue and Irving." 

The Sunset district is beginning to 
share in the prosperity that has for a 
long time prevailed in that district, on 
the north side of our city's playground, 
known as the Park-Presidio. When our 
deposits begin to approach those of 
our branch in that section, we hope 
that the head office will also present us 
with a clock to embellish the front of 
our building, an appropriate adorn- 
ment for a bank, when one realizes that 
"time is money." 

The members of our branch staff 
hereby challenge their associates 
throughout California to a single or 
double handball contest to take place 
in the nearby courts of Golden Gate 
Park. While we excel at handball, we 
are not amateurs at tennis, bowling, 
baseball or basket-ball. And as to 
sprinting, when a man can cover 1 00 
yards in 9 seconds, isn't that goin' 

King City Branch 

During the absence of Ramon Soma- 
via, our vice-president, Dr. Bingaman, 
vice-chairman advisory board, presides 
at all meetings of our local executive 

Eugene Rianda, assistant manager, 
was in San Francisco during American 
Legion week and had the "time of his 
life." Gene tried to get the Legion to 
hold its next annual convention in 
King City, but the boys thought that 
California had secured honors enough 
in landing the "National Commander." 

Brevities: E. C. Lawrence, assistant 

cashier, visited Point Honda a few 
weeks ago and took some wonderful 
photographs of the wrecked vessels of 
the U. S. N. L. F. Ghezzi, book- 
keeper, visited Cayucos recently to par- 
ticipate in a Swiss celebration. Leslie 
reports having had more fun than he 
ever had in San Francisco. 

Messrs. A. P. and Mario Giannini 
were very welcome visitors this month 
while en route to Los Angeles. Our 
President is such a representative Cali- 
fornian that one of our young ladies 
said his initials not only stand for 
Amadeo Peter, but "Always Pro- 

Messrs. Farrell, Rose and Peterson 
of the inspection staff were the hon- 
ored guests at a reception and tea 
tendered by our Miss Bengard, during 
a recent visit to King City. Miss 
Rianda and her sister, from Salinas, 
assisted Miss Bengard. 

Two King City health enthusiasts 
were discussing methods, when sud- 
denly one of them said: 

"You still take your morning bath, 
I suppose?" 

"Never miss it, my boy!" cried the 
other, enthusiastically. 

"Sometimes I take it hot, sometimes 
cold, and when I'm in a rush, I take it 
for granted." 


Bankitaly L i f 


Los Banos Branch 

_ _ _^ j^ yfas only recent- 

i ly that we obtained 
this picture of our 
, late associate John P. 
1 Idiart, assistant cash- 
ier, who passed away 
in San Francisco. 
ft • Mr. Idiart was for- 

jj merly cashier of the 
| 5 l|P r JH Miller & Lux Corpo- 
H Jk iH ration, in Los Banos, 

resigning to accept a 

position with our lo- 
cal First National 
Bank, of which he was cashier at the 
time that bank became a branch of the 
Bank of Italy. 

This young man's passing cast a 
gloom over his co-workers as well as 
our clients, for John Idiart had en- 
deared himself to all. "May his grave 
be but a covered bridge, leading from 
light to light." 

J. P. Idiart 

Lompoc Branch 

Our yield of beans was light this 
year, but mustard, onion and beet crops 
have been very good. 

The seven destroyers of the U. S. 
Navy, that were wrecked several weeks 
ago, off Point Honda, 1 6 miles south- 
west of this city, have attracted many 
strangers to these parts. 

During the "eclipse of the sun," last 
month, we had distinguished astrono- 
mers from all over the world in our 
midst, Professor James Worthington of 
the Royal Astronomical Society of Lon- 
don being among the number. Many 
excellent pictures were taken of our 
heavenly orb that is at present 92,000,- 
000 miles from Lompoc. This distance 
will be shortened somewhat when a few 
temporary detours, between here and 
Los Angeles, have been eliminated. We 
shall then be nearer "The Angels." 

"Are you sure you have shown me 
all the principal parts of this car?" 
asked a Lompoc woman. 

"Well, then, where is the deprecia- 
tion? My husband told me it is one of 
the biggest things about the car." 

Woodland Branch 

Inspectors Beale and Yealland com- 
pleted an audit of our branch on Octo- 
ber 25, after which they wished us a 
happy new year, as they are not likely 
to call again this "semester," but, one 
can never tell. 

B. J. Stephens, our radio "fan," 
thinks it would be very nice if the head 
office equipped all of the branches with 
wireless apparatus, before the next 
"world series." Such a station could 
also be used for transmitting rates of 
exchange and other important data in 
which we, as bankers, are interested. 

J. D. Harling, manager and president 
of Group No. 1 , California Bankers 
Association, says that the next meeting 
of his "coterie" will be held in Sacra- 
mento on November 1 7. We hope that 
all members of the Bank of Italy organ- 
ization in the northern part of Califor- 
nia will arrange to attend, for this 
session promises to be an illuminat- 
ing one. 

Our local rice growers have had 
very favorable weather conditions this 
year during the harvesting of their 
crop. Who ever dreamed that Califor- 
nia would some day compete with other 
parts of the world in rice production 
and cotton culture. But our state is 
doing it with advantage to the grower, 
the consumer and the commonwealth. 

Manager J. D. Harling was very 
much interested in the picture of Bert 
Kleinhans, vice-president and wrestler, 
that appeared in a recent number of 
Bankitaly Life. If that likeness was 
intended as a "defi," our manager 
accepts the challenge and is ready to 
meet the Market-Geary Adonis any 
time in Woodland, winner to get gate 
receipts, the loser to have his transpor- 
tation paid back to San Francisco. 

W. W. Hopper, assistant manager, 
recently went to a neighboring stock 
ranch to check up on our bank's secur- 
ities. The farmer thought that Bill was 
a bit skeptical about one of his prize 
thoroughbreds, so he up and said, "Mr. 
Hopper, what seems to be the matter?" 
"Nothing much," said Bill, ' but his 
neck seems too short." With a cynical 
glance, friend farmer replied: "Say, 
that horse's neck reaches to his head. 
How much further should it go?" 

B a n k i t a I y Life 


Southern California Italian 

There has been es- 
tablished at our In- 
ternational Branch in 
Los Angeles an Ital- 
ian Department, that 
is under the manage- 
ment of I. J. Andre- 
ani, with L. Ostaggi, 
traveling representa- 
tive, and A. Alberti, 
attorney. A very 
complete service has 
been placed at the 
command of our Ital- 
ian clients in southern California, and 
all branches of our bank south of the 
Tehachapi are invited to avail them- 

I. J. Andreani 

selves o 

f the opportunities offered. 

Montgomery Street Branch 

Florence Debernardi is wearing a 
beautiful sparkler, the gift of William 
Friccero. We congratulate Flo and 


Victor Caglieri, assistant vice-presi- 
dent, who has been indisposed, is back 
at his desk as bright as ever. 

Umberto Oliveri, assistant cashier, 
was orator at the Columbus Day exer- 
cises in our Civic Auditorium. Captain 
Oliveri acquitted himself very cred- 

Olfja Lenci, of our stenographic de- 
partment, was "First Lady in Waiting" 
to Queen Isabella at the great celebra- 
tion held to commemorate the landing 
cf Cristofero Colombo. 

John Henry Bartholemew Perlite, 
assistant cashier, led his troop of Boy 
Scouts in the big parade on October 
1 4th. The scouts of the north beach 
district are most fortunate in having as 
a commander such a sterling character 
as Johnnie Perlite. 

Montgomery Street brevities: We 

are all so glad that Elodia Muzzi has 
entirely recovered from her recent ill- 
ness. Ed Walter, Pete Tarantino 

and Clarence Shuttle just love to 
"hike," or as Mary Caradonna would 

say, "their tastes are peripatetic." 

Miss Sliger, formerly of our note de- 
partment, is now Mrs. Osborne. It is 
in the note department that people 
"promise" to do things and they usu- 

ally keep their promises. Lillian surely 
kept hers, and we congratulate her. 

Linda Depaoli is now happily 

ensconced in our note department. 

We "very kindly" loaned Miss Mon- 
taldo to the Market-Geary branch dur- 
ing the vacation period, where she 
proved so efficient that M. G. refused 
to release her. We are waiting for a 

chance to get even. G. Fatrious 

cf our savings department has been 
transferred to San Pedro, where he 
will sign as "pro assistant cashier." 
May our former co-worker continue to 

On October 1 6th, our gallant first 
class sergeant, Jack Porter, was in the 
American Legion parade. Jack served 
with the famous "Fighting First Divi- 
sion," but is so quiet in his daily "avo- 
cations" that one would never suspect 
he can fight. By the way, did anyone 
see Lew Cunningham in the "turn 

Sam Campi, our Sam, has been for 
years a consistent advocate, at North 
Beach, for a modern bathing establish- 
ment, or as Dave Cuneo calls it, a 
"natatorium." , The prospects now seem 
excellent for the fulfillment of Sam's 
dreams. Wonder if they will have "air 
dry" towels at the new bath house? 

Arnold Gamboni, assistant vice-pres- 
ident and manager of our baseball team, 
is strengthening his nine for next year. 
He has signed "Lefty" Gamino, a hard- 
hitting first baseman, on the recom- 
mendation of the "semi-pro umpire" of 
the Bank of Italy. 

"Larry" Faure, our shipping clerk, 
is very well versed in the early history 
of San Francisco. If you doubt this, ask 
"Larry" any question bearing on any 
event that has transpired here in the 
past 40 years. Yes, Larry remembers 
when General Grant came to San Fran- 
cisco, and he knew "Emperor" Norton, 
who once walked through our streets 
wearing a queer uniform, betokening 

San Jose Branch "Special" 

Henry Marchisio, receiving teller, is 
now a benedict, and a mighty happy 
one at that. Miss Dowling, well known 
educator, is the "fortunate" young 
lady, although her friends maintain that 
Henry is really the "lucky" one. Sup- 
pose we call it fifty-fifty. 

"A harp of many strings" 





President and Founder, Ban\ of Italy 




Head Office 

Volume 7 


Number 1 


The Story of An Unusual Career 

"I am not a millionaire, and I never expect or hope to be one. 
I have no ambition to become very rich,"says A.P.Giannini, 
banking giant o{ California, President of the Bank of Italy, 
the largest bank west of Chicago, having more than a quarter- 
of-a-billion dollars in deposits. 

By B. C. Forbes 

(Republished by courtesy Forbes Magazine, from issue of Nov 

iber 10, 1923.) 

Here's the story of an unusual 

It is the story of a lad, who, when 
only twelve, began rising regularly at 
twelve or one o'clock in the morning, 
worked on wharves until school-time, 
resumed work immediately after school 
and headed every class. 

It is the story of a youth who won a 
partnership when nineteen, and made 
the business the greatest of its kind on 
the Pacific Coast. 

It is the story of a young man who 
decided to retire from active business 
at thirty-one, with enough money to 
supply his modest wants for the rest 
of his life. 

It is the story of a business man who 
became a bank director, didn't like the 
way banking was conducted, and de- 
cided to establish a bank of his own. 

It is the story of the banker who 
today has the largest number of depos- 
itors in the United States. 

It is the story of a pioneer of branch 
banking, whose institution today has 
more than seventy branches serving 
every part of his state. 

Built by Battles 

It is the story of a man who attrib- 
utes the magnitude of his achievements 
largely to the bitter fight waged against 
him by competitors. 

It is the story of a banker who keeps 
his institution and all of his associates 
out of speculation of every kind, out of 
promotions, out of deals of any and 
every description yielding a "rake-off" 
to those supplying the funds. 

It is — perhaps most unusual of all 

the story of a man who, although at 
the head of a bank having more than 
a quarter-of-a-billion dollars in deposit, 
and though the dominating power in 
other important financial institutions, 
declares: "I am not a millionaire, and 
never expect or hope to be one. I have 
no ambition to become very rich." 

It is the story of A. P. Giannini, 
president of the Bank of Italy, Califor- 
nia, the largest bank west of Chicago. 

Mr. Giannini's character, Mr. Gian- 
nini's personality, has as many facets 
as a many-carat diamond. Physically 
he is a giant. He has almost solved the 
problem of perpetual motion: he doesn't 


San Francisco's first post office, in 1849, Montgomery and Washington Streets, 

C. L. Ross, acting postmaster. On this site, fifty-five years later, the Bank 

of Italy opened for business in office, shown hereunder. 


Northwest corner Montgomery and Washington Streets, San Francisco. Opened. 

October 17, 1904, and occupied until great fire of April 18, 1906. 

- 3 

Bankitaly Life 

sit down as much as sixty minutes 
during the day, but keeps constantly on 
the go, even doing most of his reading 
while standing up or walking to and 
fro. He spends relatively few hours in 
bed, and many of those hours are de- 
voted to laying plans for the next day, 
next week, next month, next year. 

He thrives on obstacles and opposi- 
tion it has been said of him, "He 

would rather fight than eat." He de- 
lights in building up a successful or- 
ganization, but he finds his energies 
seeking a new channel once his organi- 
zation is running smoothly and profit- 
ably. His chief thrill in life is tackling 
and accomplishing what others declare 
to be impossible. Work is his hobby, 
particularly planning for bigger and 
better constructive achievements in the 
future. He has never been licked in 
anything he set out to accomplish. He 
joys in winning but cares nothing for 
personal wealth. 

He has worked out for himself a 
business philosophy which will interest 
other bankers, business men in general, 
and especially America's younger gen- 

Biographical Comment 

But before setting down Mr. Gian- 
nini's words, let us trace his career. 

Amadeo P. Giannini was born of 
sturdy Italian stock, on a little farm 
near San Jose, California, on May 6, 
1870. Hard work was the rule in this 
industrious family. The boy was thus 
early introduced to daily chores. The 
father died when A. P. was only seven. 

His mother, a particularly bright 
and ambitious young woman, married 
an equally bright and ambitious young 
man, L. Scatena, and the family moved 
from San Jose to San Francisco when 
the boy was twelve years old. Fortu- 
nately for the young lad, the step- 
father was in a line of business which 
appealed to a child of the farm, namely, 
the fruit and produce commission busi- 

It may not be always true that the 
boy foretells the man, but it was so in 
the case of twelve-year-old A. P. Gian- 
nini. He at once threw himself enthu- 
siastically into the business. Of his 
own free-will, he began getting up 
shortly after midnight and climbing the 
first produce wagon which came along 
bound for the fruit market at the docks. 
His mother objected to his early rising; 
she wanted her boy to devote himself 

to his lessons. But the husky lad felt 
confident that he could both work and 

So, in order to elude his mother, he 
got up and dressed very quietly, tip- 
toed downstairs in his stockings, and 
then put on his shoes on the sidewalk! 
All in the Day's Work 
His stepfather found him so ex- 
tremely useful, and the mother discov- 
ered that he was so well up in his 
classes, that objections to his self- 
selected strenuous life were modified. 
For several years the boy's daily 
schedule was this: up shortly after mid- 
night, down hustling at the docks until 
schooltime, back to business immedi- 
ately after school, more work until late 
in the afternoon, home for supper and 
study, and then to bed early. 

At first, the lad copied the manifests 
of all the boats bringing in supplies of 
produce and fruit. This gave his step- 
father complete information covering 
each day's consignments, and enabled 
him to operate at an advantage over 
competitors who worked more or less 
in the dark. The lad early developed 
unusual aptitude for gathering useful 
facts and figures. He kept close tabs 
on the prices realized by other com- 
mission merchants. 

Before long he was entrusted with 
some of the selling. He had acquired 
thorough knowledge of every variety 
of fruit and vegetable which entered 
the market. He became a shrewd judge 
of supply and demand, and could, 
therefore, realize advantageous prices 
for consignments when the day's stock 
of any particular product was below 
normal. Next he was entrusted with 
the buying of fruit L. Scatena & Com- 
pany not only handled shipments on a 
commission basis, but did a jobbing 
and wholesale business on their own 

Business had become so fascinating 
to the youth that he refused to go to 
high school. Of an exceedingly practical 
turn of mind, he had avoided spending 
time on dead languages and on other 
subjects which could not, in his view, 
help him to handle business affairs. In 
every subject he became interested in, 
he headed the class. 
"Back Your Judgment to the Limit" 
A little anecdote will illustrate Gian- 
nini's determination even at that early 
stage. Because of his extraordinary 
aptitude, the teacher frequently called 

Former home of Dr. A. H. Giannixii, 2745 Van Ness Avenue, San Francisco, where the 
Bank of Italy opened temporary quarters nine days after the conflagration of 1906. 

Bankitaly L i f 

upon him to show the class how to do 
things. This earned for him the hated 
epithet "Teacher's Pet." One day the 
teacher told him to go to the black- 
board and give the pupils an exhibition 
of how to make "printed" capital let- 
ters. Having had to do a lot of this in 
the fruit business, he had become an 
expert. Stung by the taunts of the 
other boys, he refused to perform. 
The teacher insisted. Young Giannini 
was immovable. She called the prin- 
cipal. He gave the young rebel peremp- 
tory orders to do as he was told. 
Again he refused. And he stubbornly 
held his ground despite the direst 

When nineteen he was made a full- 
fledged partner in the growing firm. 
Then he did exactly what John D. 
Rockefeller did when he set up in 
business as a produce commission mer- 
chant. Hiring a horse and buggy, Gian- 
nini started to visit scores and even 
hundreds of growers and shippers 
throughout the territory tributary to 
San Francisco. He explained to each 
the facilities the firm had to offer and 
emphasized that any business turned its 
way would receive the most painstaking 
personal attention. 

Another sidelight on the methods of 
this young hustler: he found that when- 
ever he visited a farm or orchard at 
lunch-time, he had to waste an hour or 
more eating and talking, very often 
about things which did not interest 
him. So he stocked up his buggy with 
crackers and cheese and sardines, and 
planned his travels so that during the 
lunch period he would be on the move 
from one place to another, munching 
his frugal lunch while on the way. 
Go Get It 

"I did this to save time," Mr. Gian- 
nini recently told me. "Too many peo- 
ple waste time in useless ways. My 
sole object on these rounds was to 
induce growers and other 'prospects' 
to give us business. I always came to 
the point just as quickly as I decently 
could. I wasn't a bit interested in any 
of the local gossip or scandal or in 
anything whatsoever not connected 
with my business. 1 had a clear-cut 
object in view. And I went after that 
object as straight as I knew how. I 
have never believed in beating about 
the bush. When you have a purpose in 
hand, go after it and achieve it as 

promptly and efficiently as you can. 
Don't dawdle." 

Of course, the youngest partner rap- 
idly became the most successful. His 
aggressive methods naturally aroused 
opposition. Other concerns, older and 
larger, decided to hit back. This merely 
stimulated Giannini to redoubled ener- 
gies. Some of his rivals he bought; 
others he fought. While still in his 
twenties, Giannini had the satisfaction 
of seeing his firm become the recog- 
nized leader in its line, doing more 
business than any other concern on the 
Pacific Coast. Also, he had acquired a 
controlling interest in it. 

Edward L. Doheny told me that, 
after many eventful but rather barren 
years as a prospector, he lost interest 
in a property after he had it going so 
smoothly and successfully that he had 
nothing to do but count the profits; 
consequently, he always sold out. 
When A. P. Giannini found himself 
king-pin of the produce commission and 
distributing business, he realized that it 
no longer enthralled him. Having won 
the fight, he lost interest. 

" — and live happily ever — " 

When thirty-one, he arranged to 
retire from active business life. He 
had earned and saved a modest compe- 
tency, and he pictured for himself a 
quiet life. His share of the firm he 
turned over to his associates on easy 
terms, allowing them to pay him out of 
the profits as they accumulated. 

So up-and-doing a young man, how- 
ever, did not long remain in lazy retire- 
ment. One or two real estate oppor- 
tunities arose which were such sure 
money-makers that he took hold of 
them. One profitable deal led to an- 
other. Almost unconsciously he was 
finding it easier to become busy than 
to retire. 

He accepted an invitation to become 
a bank director. Little did he dream 
that this apparently insignificant inci- 
dent was to lead to the making of 
epochal banking history in this country. 

On acquiring insight into how things 
were being run, he brought forward 
what he regarded as an important and 
necessary recommendation. The pow- 
ers dominating the institution refused 
to act. Giannini tried to convert them 
to the need for adopting his suggestion. 
They turned him down point-blank. 

"Then, I'll start a bank of my own 
and run it according to the principles 


»A»rCja 0'ITAl.t&! 

Second office in Montgomery Block, Montgomery Street, San Francisco, occupied 

from May, 1906, until completion of bank's fireproof building at Southeast 

corner of Montgomery and Clay Streets in August, 1907. 

Bank's first permanent office, southeast corner Montgomery and Clay Streets, 
San Francisco, opened August, 1907. Now Montgomery Street Branch. 

Bank Italy Life 

you refuse to adopt," was the ultima- 
tum he fired at them. 

Forthwith he proceeded to fulfill his 

The Oak Takes Root 

On October 17, 1904, Giannini 
opened the doors of his own bank. He 
called it the Italian Bank of California, 
but soon changed the name to the Bank 
of Italy. 

He had very definite ideas of how a 
bank ought to be conducted. He also 
had a vast vision of what his bank 
should and could and would become. 
Just as he had reached the top in the 
produce commission business, he now 
resolutely determined to attain a sim- 
ilar position in the banking world of 

After carefully studying the whole 
matter, Mr. Giannini said to himself, he 
recently narrated to me: "My bank 
will attend strictly to doing a banking 
business. There will be no speculative 
exploits with the bank's money. Neither 
will any officer be allowed to speculate 
or to become financially interested in 
any other business. We will pay good 
salaries, and there won't be any rake- 
offs of any kind whatsoever. 

"I am convinced there is room for 
developing branch banks in some of 
the territories I used to cover while 
drumming up produce commission 
business. Branch banks have been very 
successful in other countries. They can 
be made successful in different parts of 
this state. By opening branches in 
different localities, we will be able to 
diversify our business and thus be able 
to render better and broader service. 
Crops come on the market at different 
times in different sections. Growers in 
one district will be paying off loans at 
the time growers in another section 
will be needing funds. 

"By building up a big central insti- 
tution at headquarters, we will be able 
to engage much abler men than the 
little, independent, isolated banks can 
afford to employ, and the services of 
our experienced executives will be 
available for all our customers whether 
in San Francisco or in other places. 
Wherever possible, we shall take over 
banks already in existence which have 
earned a good reputation, and we will 
try to induce the best officers at each 
bank to continue to serve. Each branch 
thus acquired will be a feeder of the 
home institution. 

Cooperation the Keynote of Success 

"Various industrial enterprises are 
becoming so big that they cannot ob- 
tain adequate banking facilities from 
their local banks. With our large cap- 
ital and surplus, we will be able to give 
them a much better line of credit. 

"While our institution will have a 
special appeal to the large Italian pop- 
ulation of the state, we shall go after 
every class of business so long as it is 
legitimate and safe. By building 
soundly and taking particular care to 
place ourselves in solid shape when- 
ever it looks as if trouble might lie 
ahead, we will be able to render assist- 
ance when assistance is most needed, 
and in this way we can inspire absolute 
faith in our stability and at the same 
time attract many new friends." 

This was the course Giannini charted 
for himself. And that is the course he 
has scrupulously followed. 

He did not, of course, fulfill his 
whole ambition at once. He hasn't 
quite fulfilled it yet, for that matter, 
although he confessed to me the other 
day that the Bank of Italy and its asso- 
ciated financial institutions have at- 
tained such a degree of success that he 
contemplates transferring the presiden- 
tial burdens to younger shoulders and 
simply remaining at hand in some such 
office as chairman of the executive 
committee, to give counsel and other 
guidance to the active officers when 
occasion may arise. 

Whereas the Bank of Italy was 
founded in 1 904, Giannini did not open 
its first branch until 1906. 

The Proof of the Pudding 
Look at what he accomplished in 
eighteen years in raising the Bank of 
Italy from a baby to a giant: 


December, 1904 $285,436.97 

December, 1908 2,574,004.90 

December, 1914 11 ,228,8 1 4.56 

December, 1916 39,805,995.24 

December, 1920 15 7,464,685.08 

December, 1922 254,282,289.52 

Bern fighter though he was and is, 

A. P. Giannini found himself up against 

the fight of his life when he invaded 

the branch banking arena, and there 

were times when obstacles hurled into 

his way seemed insurmountable. He 

was fought by other California banks 

in the Reserve centers, because it 

meant the loss of an account each time 

he took over an established institution. 


J c K 

itk uf dtalu 







$300,000.00. ——"—-- $150,000.00 








Facsimile first business card, Ban\ of Italy 

Interior Bank of Italy (second office) 1906, showing bank's entire staff at that time. 

B an kit a I y Life 

He was fought by the bankers in the 
places he sought to enter because they 
reared that the advent of the Bank of 
Italy would mean a new and keener 
type of opposition, and of more im- 
portance in the eyes of some of these 
bankers it would mean some abridg- 
ment of their czar-like powers and 
other sundry perquisites. He was 
fought politically. At one stage the 
State Superintendent of Banks blocked 
his progress by withholding permits to 
acquire additional branches. 

A Record of Achievement 

The outcome can be told most briefly 
and vividly by the simple statement 
that the Bank of Italy now has 70 
branches; total resources in excess of 
$280,000,000; capital, surplus and un- 
divided profits of $23,000,000; up- 
wards of 450,000 depositors, the larg- 
est number of any bank in the United 
States; 14,000 stockholders; and shares 
worth $230 each as compared with 
$ 1 00 nineteen years ago, at the start. 
As a matter of fact, each share of Bank 
of Italy stock carries a share of stock 
of the Stockholders' Auxiliary Corpora- 
tion which has capital and surplus and 
undivided profits of approximately 
$7,000,000. This is a California or- 
ganization organized about eight years 
ago for the purpose of facilitating the 
acquisition of established banks for 
conversion into branches, through pur- 
chase by it of not less than two-thirds 
of their capital stock. The combined 
stocks really give the Bank of Italy a 
working capital of 30,000,000. 

This record has not been won with- 
out ceaseless initiative, dynamic energy 
and invulnerable courage. 

How, for illustration, did Giannini 
meet the unprecedented situation pre- 
cipitated by the San Francisco disaster 
of 1906? His fledgling institution, 
please remember, was then only a-year- 
and-a-half old. How could it best serve 
the stricken inhabitants? That was the 
question given first and dominant con- 
sideration by Giannini. One writer thus 
graphically and accurately described 
how Giannini forced the emergency and 
caused his institution to rise, Phoenix- 
like, from the ruins, stronger and more 
popular than before: 

Portals of the Past 

"After walking for miles through the 
maze of desolation Giannini reached 
the institution about noon. The flames 
were already only a block away. Hast- 

ily commandeering two horsedrawn 
rigs from his old commission house, he 
leaded one of them with money and 
securities. In the other he had the 
forethought to place a supply of all the 
blank forms and stationery to resume 
business without delay. 

"Where could he take his valuable 
cargo? Oakland was across the bay, 
with a jagged wall of flames between; 
to reach the stronghold of the Presidio 
it would be necessary to travel many 
miles through a district where pande- 
monium reigned. He decided to pro- 
ceed down the peninsula to 'Seven 
Oaks,' his San Mateo home, and there 
bury the treasure. So the caravan set 
out, accompanied by two soldiers and 
several trusted employees. 

Business as Usual 

"The next day, while the ruins of 
his bank were still smoldering, Giannini 
addressed a circular letter to all his 
depositors, telling them that a good 
part of their money was immediately 
available in cash. In addition, he offered 
to lend money to all those who wished 
to rebuild structures wiped out by the 
fire. Despite the confusion, most of 
those letters reached the persons for 
whom they were intended. Hundreds 
of people took advantage of his loan 
offer, with the result that the North 

Beach section around Telegraph Hill 

the Italian quarter was the first area 

to spring up from its own ashes. 

"By setting up a desk on the docks 
while the fire was still burning, and 
putting a cierk there to take deposits 
from the commission men, Giannini 
was the first banker in the city to re- 
establish his business. In the midst of 
the chaos following the conflagration, 
he hung out the 'Bank of Italy' sign 
on the home of his brother in Van 
Ness Avenue (a street which the fire 
and shock had spared intact), and 
opened a 'calamity day book.' Records 
show that of all the fire victims to 
whom Giannini lent money not one 
failed to repay the full amount loaned. 

Banking calls for foresight, for busi- 
ness prescience, for ability to analyze 
economic trends. Giannini demon- 
strated convincingly that he possessed 
these qualities months before the fatal 
1907 panic broke loose. Returning 
from a trip to New York and other 
Eastern centers, he informed his asso- 
ciates that he was convinced serious 
financial trouble was brewing. And he 

Lawrence Scatena, founder L. Sca- 
tena & Co., wholesale fruit and 
produce merchants. It was with this 
firm that A. P. Giannini gained his 
first business experience. 

A. P. Giannini (seated) age 9, with 
his younger brother, Dr. A. H. 
Giannini. Twenty-five years after 
this picture was taken A. P. Gian- 
nini founded the Bank of Italy. 

■ ■ -:<->" ' : 


--^ ■] K> ^W>^r*sCljrt|sfe-;-.: 


Part of San Francisco's water front in the "eighties," where A. P. Giannini 
acquired valuable trading knowledge. 

Bank Italy Life 

issued orders that the bank husband its 
stock of gold. It quietly paid out paper 
currency and stored large and still 
larger supplies of the yellow metal, 
until the vaults of his own bank were 
filled to overflowing and space was 
obtained in the vaults of another bank. 

Good as Gold 

When the panic engulfed the coun- 
try, banks everywhere found them- 
selves obliged to limit or stop entirely 
gold payments and, in many instances, 
clearing house certificates were re- 
sorted to. The Bank of Italy, however, 
stood up strong as a rock, meeting 
with shining gold every demand made 
by its customers. 

The Bank of Italy's action quickly 
became the talk of the city, and such a 
troop of new depositors were attracted 
that their deposits, often in gold, en- 
abled Giannini to let the bank where 
he had stored his overflow use it for its 
own purposes. 

Similarly, when the World War came 
along, the Bank of Italy was so strongly 
fortified that it not only was able to 
subscribe for large sums of Liberty 

Bonds it carries about $50,000,000 

Liberty Bonds as its first line of reserve 

but it never had to send a dollar's 

worth of its paper to the Federal Re- 
serve Bank to be rediscounted. 

Since "nothing succeeds like suc- 
cess," it is perhaps not astonishing 
that other banks in California and else- 
where have been energetically and rap- 
idly acquiring branches. 

Meanwhile, Giannini was extending 
his banking operations in other direc- 

From East to West 

The success of his operations in 
California inspired the Italian Chamber 
of Commerce in New York to invite 
and urge him in 1911 to establish a 
bank there. At first he refused, be- 
cause he still had much creative work 
to do at home; but in 1918 he con- 
sented to go if the members would 
raise $1,500,000 in stock from not 
fewer than 1,000 stockholders. This 
sum and more was readily subscribed 
by over 1,000 individuals. The East 
River National Bank was acquired, Dr. 
A. H. Giannini (A. P.'s brother) was 
induced to move from California to 
New York to take the presidency, and 
this institution has grown from re- 
sources of three-and-a-half million dol- 

lars at time of purchase, to over twenty 
million dollars. 

It will probably astonish the reader 
to know that New York is the largest 
"Italian" city in the world, having an 
Italian population of 800,000. 

The Commercial Trust Company is 
another thriving financial institution 
conducted under the aegis of Giannini, 
its resources having more than doubled 
since being taken over a couple of 
years ago. 

Both these institutions are owned by 
the Bancitaiy Corporation, originally 
organized as a holding c-mpany in 
New York. It now has a pad-in capital 
and surplus of over $15,000,000 and 
owns control of twenty banks in New 
York and California and of one in Italy. 
This organization is in a position to 
handle various kinds of business not 
coming under the scope of either a 
national or state bank, and its opera- 
tions have been very profitable, divi- 
dends having been paid continuously 

since date of organization 6 per cent. 

to December 31, 1919, 7 per cent, from 
January 1, 1920, to December 31, 
1922, and 8 per cent, for the half-year 
ending June 30, 1923. 

The institution in Italy was acquired 
by the Bancitaiy Corporation through 
the purchase in 1919 of the control of 
Banca Dell' Italia Meridionale. The 
name of the bank has since been 
chanped to Banca D'America E D'ltalia; 
the head office removed from Naples 
to Rome; the capital paid in increased 
from 3,000,000 lire to 100,000,000 
lire; the resources are now over 500,- 
000,000 lire, having increased to this 
sum from 28,000,000 lire at the time 
of purchase. It has branches at Milan, 
Bologna, Florence, Genoa, Naples, Pa- 
lermo and Bari. Mr. Giannini's son, 
L. M. Giannini, has spent almost all of 
the past year in Italy assisting in the 
installation, as far as practicable, of 
American systems. 

"Be First in Everything" 
"Be the first in everything," is one 
of Mr. Giannini's maxims. When quite 
a young man, he was the first to intro- 
duce several improvements in the meth- 
ods of conducting the produce commis- 
sion business. He was the first to de- 
velop branch-banking in California on 
an extensive scale. He organized and 
became president of the California 
Joint Stock Land Bank, the first institu- 
tion of its kind organized on the Coast. 





Bankitaly Life 

He was the first to organize a special 
women's banking department, in his 
Bank of Iatly. He was the first to culti- 
vate aggressively school savings, and 
built up the largest school-saving sys- 
tem of any bank in the United States, 
embracing several hundred schools. 

"Work does not wear me out. It 
buoys me up," Mr. Giannini declared 
to me with his characteristic forceful- 
ness. "I like to keep going all the 
time. I thrive on obstacles, particularly 
obstacles placed in my way by narrow- 
gauged competitors and their political 
friends. If it hadn't been that I encoun- 
tered so much antagonism while I was 
trying to give the State of California a 
series of strong, well-managed branch 
banks, the Bank of Italy today might 
have been perhaps the three-hundredth 
in point of size in the United States 
instead of fourteenth. 

"My working hours have been from 
eight in the morning until late at night. 
And then when I go home at night I 
do all my planning for next day and 
next week and next year. 

"But the Bank of Italy is now near- 
ing the point which my commission 
business reached when I stepped out of 
it. I am turning more and more of the 
executive responsibilities over to 
younger men. One reason I recently 
moved my office from our headquarters 
in San Francisco to Los Angeles was 
that I wanted my principal associates 
to become accustomed to making de- 
cisions for themselves. By and by I 
shall pick out the most promising of 
my vice-presidents and make him presi- 
dent. While I shall retain some such 
office as chairman of the executive 
committee, so as to keep in touch with 
things and be available to give counsel 
when necessary, the president will be 
the president in reality. 

"l don't want to delay taking such a 
step until I am an old man. I want to 
do just as Seward Prosser of the Bank- 
ers Trust Company of New York did: 
He selected his ablest vice-president 
(A. A. Tilney) as president and as- 
sumed the office of chairman of the 
board, although a relatively young man 
Mr. Prosser is only fifty-two. 

"There is no fun in working merely 
for money. I like to do things, to 
create things, to construct things, to be 
a builder. The upbuilding of the Bank 
of Italy and its various associated insti- 
tutions has been tremendously fascinat- 

ing. I feel, however, that the major 
difficulties have been overcome. The 
job has been licked. Consequently, I 
feel that it does not call for my day- 
and-night efforts much longer, but 
should be taken up and carried on by 
the very fine corps of younger men 
who have been built into the structure, 
so to speak. 

Always on Lookout for Talent 

"Incidentally, this gathering together 
of brainy executives I have always re- 
garded as one of the most important 
parts of my job. I have always kept 
my eyes wide open for sprouting talent. 
For example, one youth caught my 
eye; I watched him as he developed 
into a lawyer; and then, when I figured 
he was ripe, I got him to become one 
of us. You can't afford to sit back and 
wait for talent to come to you. You 
have to be constantly on the lookout 
for it and then go out and lasso it. 

"Another thing: I have always gone 
in for concentration. I have interested 
myself only in things of interest to me 
in my business. I have avoided loading 
my mind and my memory with stuff of 
no earthly use to me. I don't try to 
keep track of baseball records or golf 
championship doings or of the latest 
developments in any line wholly foreign 
to banking. When I arrange to put up 
a building, I don't try to become an 
expert judge of stones or other building 
materials. I don't, therefore, waste a 
great deal of time going over details. 
I know just what kind of a building I 
want and what facilities must be pro- 
vided. The execution of the plans I 
leave to others whose business it is to 
be posted on such matters. 

"I long since mastered the knack of 
thinking on whatever subject was in 
my mind whenever anyone started and 
kept on talking about something of no 
interest to me. I can let such a conver- 
sation go in at one ear and out at the 
other without ever interfering with my 
own mental machinery. 

"While I do most of my own think- 
ing and usually make my own decisions, 
whenever anything of a particularly 
ticklish nature comes up and I am not 
positive as to the best course to follow, 
I go to some trusted friend and lay the 
whole matter before him. Usually, I 
tell him what I propose to do and then 
ask him to knock holes in it. 
Eyes in the Boat 

The main thing is to run your busi- 

B a n k it a I y Li] 

ness absolutely straight. When you 
have a good, clean bank, absolutely 
unentangled in any speculative ex- 
ploits, nothing can happen to you. 
Whenever banks fail, you find it is 
because of outside ventures or crooked- 
ness by someone inside the institution. 
No man, no bank, no business, should 
put itself into the grip of anyone else. 
Failure usually comes from doing things 
that shouldn't have been done — often 
things of questionable ethics." 

Mr. Giannini has two sons, and a 
daughter who is now at college. He 
has no ambition, however, to leave 
them enormous wealth. 

"The idea of struggling and schem- 
ing to leave millions for other people 
to spend is the height of foolishness," 
he impressed me very earnestly. "I 
have seen too many ultra-rich persons 

who were constantly afraid that some- 
one would put poison in their food or 
knock them over the head or something 
else to get rid of them. I believe in 
using money to help worthy causes 
while one is still living, and thus get 
seme fun out of it. Of course, it is 
every man's duty to strive to give his 
children the best possible equipment 
for life. But to leave millions to young 
sons is dangerous. Each of us is better 
for having to make our own way in 
the world. God meant us to work. 
Those who don't work never amount to 
anything. To take from anyone the 
incentive to work is a questionable 

Certainly no one, after reading what 
has been here set down, will question 
whether A. P. Giannini has worked 
or not. 

Intersection Market and Powell Streets, San Francisco, in 1866, one year after 
the Civil War, where head office, Bank of Italy, now stands on N.W. corner (left). 

The old Baldwin Hotel and Theatre at northeast corner Market and ' Powell 

Streets. Destroyed by fire November 23, 1898. Present site of Flood Building, 

opposite head office, Bank of Italy. This picture will recall fond memories 

to theatre patrons of early San Francisco. 

Market Street at Powell, San Francisco, on April 17, 1906, the day 
before the "big" fire. 

The Techau Tavern, at northwest corner Market and Powell Streets, San 
Francisco, razed in 1919. The site of Bank of Italy head office. 








Head Office 

Volume 7 


Number 12 

Vallejo Street Wharf, San Francisco, as it appeared in the "Fifties," the decade 

following the discovery of gold in California. It was at this historic old wharf 

that the Oakland Ferry once landed. When boats were delayed in those days 

commuters "killed" time by fishing from the pier, or swimming in the bay. 


■ Bankitaly Life 


Leo V. Belden, 

Our Bond Department 

By John F. Donnellan 

The Time to Invest 

"The present seems 
opportune for the 
purchase of high 
grade bonds," says 
Leo V. Belden, vice- 
president in charge 
of our bond depart- 

"As a general rule 
it is our policy to ad- 
vise clients to invest 
whenever they have 
available funds, disre- 
garding the time ele- 
ment and selecting 
suitable securities. But there are times 
when the time element deserves con- 
sideration. Should we be convinced 
that interest rates are due for a decline 
and bond prices coincidentally bound 
to rise, it is in our clients interests for 
us to suggest shifts from short time 
into long time securities. 

"Bond prices are now lower than 
they have been in over a year and 
indications are that the long trend of 
prices from now on may be upward. 
Consequently we are advising clients 
who contemplate investing, to do so at 
an early date, and in general, to buy 
high grade, long term bonds rather 
than short term." 

Bond Sales to Other Banks 
During the last month the amount of 
municipal bonds we have sold to banks 
was unusually gratifying, and the pros- 
pects of additional business are very 
promising. Some of the men are now 
working on transactions involving 
amounts running well into three figures. 
R. P. Luce in Sacramento has put 
away 55,000 Santa Monica School 5's; 
S. E. Reinhard in Oakland, 35,000 
Santa Monicas; M. H. Tichenor in 
Stockton placed some odd lots of City 
of Compton 5's, Los Gatos 6's, and 
Turlock Irrigation 6's, totaling 11,000; 
C. H. Nordyke broke through the bar- 
rier with two new bank clients in the 
East Bay district and gave them 1 9,000 
Santa Monica Schools and 1 0,000 Tur- 
lock Irrigation District 6's. 

Nordyke's feat is a sample of what 
can be done in territories outside of 
San Francisco. Banks that have never 

had any business with us before can be 
won over as real friends, if they are 
informed of the particular advantages 
in dealing with an institution experi- 
enced in handling a $60,000,000 bond 
account of its own. 


Assistant manager Edward Leimert 
has transferred his activities to our Los 
Angeles branch, and J. C. Ernst has 
assumed Ed's duties at head office. 
The conduct of our Liberty bond sec- 
tion was relinquished by Mr. Ernst to 
W. H. Combs, former trader, who 
thereupon became an assistant man- 
ager. Former controller William Mc- 
Grath is now in charge of the trading 
department, and his post is being filled 
by Hector Campana, former chief 

The sales department has been aug- 
mented by several well chosen addi- 
tions. Leland Ross, formerly with the 
engineering department of the Great 
Western Power Company, and Jay 
Gittelsohn, from the Seattle National 
Bank, are already making enviable 
records for themselves. The latest news 
is that Mr. Ross will succeed to the 
Stockton territory, Mr. Tichenor elect- 
ing to transfer his labors to the San 
Francisco field. Donald Thomas, a 
bond man of considerable experience, 
is now working out of Fresno in the 
interests of the bond department. H. 
C. Keniston comes to us from the 
National Surety Company and bids fair 
to excel in his new line, even as he did 
as an insurance man. The latest recruit 
is Ellsworth Coen, Jr., with some seven 
years bond experience, and more re- 
cently with a prominent San Francisco 
bond house as trader and floor repre- 
sentative on the Exchange. 

Stenographers — Attention ! 

The Editor recently received a letter 
from one of our bank correspondents 
in which the following sentence ap- 

"Bankitaly Life is a scream." 
We promptly asked our friend for an 
explanation of this rather doubtful 
compliment and received the following 

"What I dictated to my intelli- 
gent stenographer was Bankitaly 
Life is a screen! By that, I meant 
it was a splendid portrayal of in- 
teresting events past and present.' 

19 2 3] 

Bankitaly Life 


Chas. Matthew 


Who Directs 
This Dept. 

Our Securities Department 

An Important Adjunct 

By C. P. Anderson 

There is rather a 
common misconcep- 
tion of the functions 
of the head office se- 
curities department. 
Many who have deal- 
ings with it believe 
they are transacting 
business with the 
bond department. 
Even some of our 
branches think so. 

There are others 
who regard our de- 
partment as the re- 
ceiving station for 
liberty bonds that 
have been purchased and which must 
be shipped to head office, while at 
times we have been referred to as "the 
downstairs liberty bond department." 
It is, of course, true that shipments of 
liberty bonds from our branches are 
received by us, but this is a small 
"item," when compared with our other 

The word "securities" implies to 
some extent the reason for our exist- 
ence. We have the custody of all bonds 
in cur entire system, including the 
bank's permanent investment, as well 
as the active or trading account on 
which the bond department draws as 
it sells, or in which it deposits as it 
purchases. Ours is one of the largest 
and most active of the head office de- 
partments, with twenty-one people on 
the staff, under the direction of Charles 
Matthew Noyes, assistant cashier. 

Distribution of Securities 

It requires the efforts of three 
accountants to handle records of the 
purchases and sales in the bond depart- 
ment as well as to maintain control of 
the location of our securities, some of 
which are in our own vault while others 
are with the Federal Reserve Bank and 
at our branches. Then again some of 
our securities are in the possession of 
city and county treasurers as well as 
the state treasurer, where they are held 
as security for blic deposits. 

The pledging of collateral as security 
for public deposits is an important 

phase of our work. We maintain a very 
careful watch over these deposits, for 
as they are increased, or decreased, we 
must arrange for a compensating ad- 
justment in our collateral. 

Our Safe-keeping Account 

A special safe-keeping account is 
maintained in this department for our 
bank's clients. In this they may deposit 
securities on receipt, and in case they 
desire us to detach interest coupons on 
their bonds as they become due we 
credit the proceeds to their accounts. 
No charge is made for this service, and 
many clients take advantage of it. 

Maturity date of bonds and interest 
coupons require a careful follow-up 
system to avoid any loss in interest. 
This also applies to bonds that are 
called for payment. 

{To be continued) 

The Old V. P.'s Romance 

The old V. P. was a bear, was he, 
A grouch with a grizzled chin 

And an overdraft just drove him daft, 
Till he brought the culprit in 

Tock the culprit then to his private den 
And razzed him for his sin. 

But it happened once that the guilty 
(As the old V. P. would say) 
Was a damsel fair with copper hair, 

And a most entrancing way 

An entrancing air, though she tried, 
they swear, 
An overdraft each day. 

The old V. P. was gruff, was he, 

And growled in a threat'ning bass 

But the girl just sat, with her picture 
And a sly, young smile on her face 

A sly young smile, till after awhile, 
That V. P. changed his pace! 

He wooed that dame, and he married 
the same, 

And he's now at her call and beck 

And so, today, whenever, they say, 
She writes a worthless check, 

He only sighs, for he is wise 

And coughs up the dough, by heckt 
— Don Knowlton. 

Bankitaly Life 



Front Row — Ponsford, Youngstrom, McConnell, Mawby (Captain), McQuiston, 

Greenhill. Standing — Smith, Clarke, Belcher, Rowley, Scott, 

Buck, Barbieri (Manager). 

This year the Bankitaly Club decided to enter an eleven in the Soccer League 
and the performance of the boys to date has justified the fondest hopes of Man- 
ager R. J. Barbieri. 

The team has played five games so far in the League besides a practice game 
with the Olympic Club, which resulted in a tie. We have defeated the Stanford 
University, University of California and the De Molay Club. 

The members of the team are L. S. Mawby, Captain; R. W. McConnell, Vice- 
captain; R. M. Clarke, Art Belcher, J. R. Rowley, M. Buck, H. G. McQuiston, 
S. Youngstrom, V. E. N. Smith, J. P. W. Greenhill, E. M. Scott, R. Van der Weyde 
and "Bombardier" Ponsford. 

The boys are displaying a good brand of football and will uphold the honor of 
the Bankitaly Club, and for clean sportsmanship they deserve th- ipport of all 
soccer enthusiasts in the bank. Also, anyone having an "educated toe" should 
report the matter to Captain L. S. Mawby. 

Bankitaly Life 


Head Office Educational Work 

Seventeen officers 
and department 
heads, under the di- 
rection of Alfred S. 
Kay, assistant cash- 
ier, are taking the 
course in banking 
practice provided by 
the Benjamin Frank- 
lin Institute, New 

The purpose of 

A , f i c \s this course is to set 

Alfred S. Kay , , 

forth simply and 

clearly some of the principles which 

underlie all of the extensive activities 

of a modern bank to explain the why 

of banking. 

There are twenty lessons. The first 
twelve are devoted chiefly to the inter- 
nal operations of the bank and point 
out the part that each operation plays 
as the bank performs its principal func- 
tion. The remaining eight lessons cover 
a study of different kinds of banks and 
the relation that our banking system 
bears to our trade with foreign coun- 

Mr. Kay strongly recommends this 
course and states that even though the 
class has finished but a small part of it, 
each student has shown a marked im- 
provement in his daily work and a 
keener interest in his particular duties. 
Study and Thought Required 

Mr. Kay maintains that to a far 
greater degree than one realizes, a 
banking career will be what you choose 
to make it. You can float along with 
the drift or you can rise with the tide. 
Whether you are a routine worker, all 
of your life, or fit yourself for more 
responsible positions, or executive 
work, rests largely with yourself. Rou- 
tine clerical work, without study or 
thought beyond the daily tasks, be- 
comes only manual labor, and manual 
labor never made a banker. 

We must learn to look at our daily 
task in its relation to the other work 
of the bank, as well as its connection 
with the great, throbbing commercial 
life of the world. The facts of banking 
practice at a given time may be easily 
memorized, but the reasons are not so 
readily mastered; an understanding of 
the reasons is vital for success. Meth- 

ods are constantly changing and the 
successful bank man is the one who 
can readily interpret a new situation 
and adjust himself to it. The failure is 
the man who may have committed a 
few facts to memory, and not under- 
standing them, becomes bewildered and 
helpless amidst subsequent changes. 
Questionnaire Boxes 

With the idea of promoting a proper 
understanding, and creating a keener 
interest in the routine work amongst 
our bank staff, questionnaire boxes 
have been placed on each floor at the 
head office. Any member of the head 
office staff is invited to place questions 
in any box. These boxes are emptied 
every Friday and the questions with 
answers are then placed on the bulletin 
board the following Friday, where they 
may be perused by every member of 
the staff. 

"Have you quit asking questions? If 
you have, your curiosity is declining 
and you are well on the way to become 
a dead one." 

"There are no foolish questions, and 
no man becomes a fool until he has 
stopped asking questions." 

"The Safety Valve" 

Courtesy the National Safety Council 

Many accidents are caused by send- 
ing the body out to work and the mind 
out to play. 

He who would laugh last must be- 
lieve in Safety first. 

You pay most for Safety when you 
try to get along without it! 

The engine may "die" many times; 
the driver dies but once. 

A locomotive has the right of way 
and can generally prove it. 

What appeals to us is "bully"; what 
doesn't is called "bull." How do you 
regard Safety? 

Luck may live with you for years or 
it may desert you today. Don't count 
on it. 

A sportsman engaged an old French 
Canadian as his guide. Happening to 
notice a clump of cranberry vines, he 
asked the old man what they were and 
whether they were good to eat. 

"Good to eat? Well, I guess yes; you 
take that little cranberry and stew him 
and she makes just as good apple 
sauce as Santa Clara prunes." — Ex. 


■ Bankitaly L i f e 


Colonel John S. Chambers, 
Vice-President at Sacra- 
mento, Passes Away 

When the death of 
Vice-President Cham- 
bers, in charge of our 
■ Sacramento branch, 
| was announced on 
November 1 9th, 
thousands of his 
friends throughout 
California were pro- 
foundly shocked and 
genuine grief was 
manifested every - 

John S. where - 

Chambers Edward E. Leake, 

one of the many very 
dear friends of Colonel Chambers and 
a distinguished editor, made the follow- 
ing reference to our highly respected 
vice-president, on hearing of his demise. 
This is an eloquent expression of the 
feeling borne by every one in the Bank 
of Italy organization towards our de- 
parted co-worker. 

Ever since Colonel Chambers' 
appointment as the successor to 
the late A. B. Nye as state con- 
troller, the Sacramentan has been 
a conspicuous and influential fig- 
ure in California affairs. 

A Faithful Public Servant 
Mr. Nye had the reputation of 
being one of the best public offi- 
cials the state ever had and Mr. 
Chambers was equally efficient 
and capable and his administra- 
tion will go down in the history of 
the state as one worthy of emula- 
tion. After serving an unexpired 
term he was a candidate for elec- 
tion and was elected by an over- 
whelming majority. 

During Mr. Chambers' official 
life, he was frequently mentioned 
as an available candidate for gov- 
ernor and there seems to be no 
doubt that he could have rounded 
out an honorable political career 
as our chief executive if he made 
any effort in his own behalf. But 
his physical condition was such 
that he could not stand the hard- 
ships of a strenuous campaign, 
and at the end of his second term 
he voluntarily retired from polit- 
ical life and accepted an appoint- 

ment with the Bank of Italy which 
he was filling most acceptably until 
he died. 

He Loved California 

Colonel Chambers loved all 
California, but as he cast his lot 
in the northern and central sec- 
tions it was his pride to see these 
sections grow, develop and become 
prosperous, and no man contrib- 
uted more to these achievements 
while he was the spokesman for 
"Superior California," a phrase 
which he coined and which will 
always live in the lexicon of Cali- 
fornia activities in promotion 

During his whole life Colonel 
Chambers enjoyed the respect and 
esteem of all with whom he came 
in contact. He was gentle in man- 
ner, exceedingly kind in disposi- 
tion and his persuasiveness and 
forcefulness were great factors in 
the success he achieved. Having 
met him you respected him, having 
known him you loved him. 
Always Kind and Just 

One of the most eloquent trib- 
utes that could be paid him is to 
say that he was always kindly, 
always just, always willing to help 
and encourage his fellow man and 
that he scattered flowers along 
life's pathway and made the world 
better as he went. 

His wife has lost a devoted hus- 
band, his associates, acquaintances 
and intimates have lost a loyal 
friend and California has lost an 
able, honored and respected cit- 

The Difference Between 
Attention and Interest 

If your stenographer dropped his 
note bock to the floor, your attention 
would be attracted by the noise. You 
would look up from your work, take 
in the whole situation at a glance and 
then turn back to your work again. 

If, however, as the note book 
struck the floor a fifty dollar bill 
slipped cut from between the pages, 
then you would be interested. It would 
provoke thought on your part. You 
would wonder where the fifty dollar 
bill came from, to whom it belonged 
and why it was tucked away in a 
note book. — Printing Art. 

19 2 3] 

Bankitaly Life 


Women's Banking Depart- 
ment Activities 

Interesting "Credit" Meeting 

By Miss Sarah S. Oddie, Assistant 

Director, Women's Banking 


Suppose that King 
Solomon returned in 
all his glory, bring- 
ing his seven hun- 
dred wives to San 
Francisco, and that 
each one insisted 
upon carrying charge 
accounts at the 
stores, what would 

Would King Solo- 
mon live to regret the 
CREDIT system? 

How would his 

Mrs. Knight 

wives enjoy the experience: 

What about the merchants? 

It would take the wisdom of a Solo- 
mon to answer these questions, but 
those who attended the "credit meet- 
ing" of the women's banking depart- 
ment on Thursday afternoon, Novem- 
ber 15, should be able to throw some 
light upon this vital theme. This was 
the second meeting of a series now 
being conducted by the women's bank- 
ing department, with Mrs. Knight pre- 
siding and introducing the speakers. 
The Merchant and the Buying Public 

CREDIT was the general subject of 
the afternoon. William Loewi, Man- 
ager of the San Francisco Retailers' 
Credit Association, in an address on 
"The Merchant and the Buying Pub- 
lic," discussed this matter from the 
standpoint of the retail merchant. 
Ninety per cent of the world's business 
is based upon credit, he said, and as 
eighty per cent of the retail buying is 
done by women, a great responsibility 
rests upon their shoulders. How are 
they meeting it? Do women realize 
that they are important factors in the 
business life of the community, even of 
the nation? 

Mr. Loewi analyzed the present retail 
credit situation, and called attention to 
some of the causes that contribute to 
the high cost of living, such as, long 
standing unpaid bills; returned mer- 
chandise; the giving of checks care- 

lessly and indiscriminately which are 
frequently returned by banks on 
account of "insufficient funds." These 
matters deserve the serious considera- 
tion of women. 

What is Credit? 

Mr. Loewi's interesting talk sug- 
gested several answers to the question, 
What is Credit? It depends on the 
point of view. 

To the woman who wants a fur coat 
which she cannot afford, CREDIT is a 

To the extravagant wife of a poor 
man, CREDIT is a menace. 

To the working man with steady 
wages who is trying to build a home 
for his family, CREDIT is a god-send. 

To the man or woman who is plan- 
ning wise investments, and goes to a 
banker for counsel and assistance, 
CREDIT is a builder. 

To the woman who has thoughtlessly 
abused, and lost it, CREDIT is the 
"blessing that brightened as it took its 

The Bank and the Borrower 

Joseph Martyn Turner, our Assistant 
Cashier, President of San Francisco 
Chapter, American Institute of Bank- 
ing, discussed "Credit" in its general 
sense, in an address on "The Bank and 
the Borrower." He pointed out the 
influence of women on credit. A good 
mother, he said, influences her chil- 
dren by imparting high standards, and 
a wife may influence and help her hus- 
band to establish his credit in the busi- 
ness community. 

Mr. Turner dwelt upon the three 
fundamentals upon which credit is 


and CAPITAL, the most important of 
all being Character. He told a story of 
the small boy whose sense of honor 
was lacking. He was the kind of boy 
who took marbles from his comrades 
at school. That reputation clung to 
him through school, college, and his 
business career. His associates of to- 
day, the comrades of school days, 
somehow cannot forget the "marbles"! 

Nobody ever added up 

The value of a smile; 

We know how much a dollar's worth, 

And how much is a mile. 

We know the distance to the sun, 

The size and weight of earth, 

But no one here can tell us just 

How much a smile is worth. Ex. 

Our Collection Department at Market and Powell Streets, S. F. 

There are Twenty-four Employees in This Head Office Activity 

Common to every branch, and in 
consequence of interest to the entire 
organization, is the matter of Collec- 

Sometimes this important phase of 
the bank's work is regarded as a rou- 
tine matter, very necessary to be sure, 
but without anything in particular to 
save it from becoming a hum-drum 

A collection of any character is a 
challenge to each individual who comes 
in contact with the transaction. Unfor- 
tunately a great many people do not 
regard it in this way and fail to appre- 
ciate the business-getting possibilities 
that the department offers. 

Is He One of the 475,000? 

Not every one who has occasion to 
use the collection department is a cus- 
tomer of the bank. One of the first 
things that the employee who handles 
the collection item should do is deter- 
mine whether or not the individual has 
an account with any branch. This can 
be determined ordinarily by simply ask- 

ing the direct question. If, for any 
reason, it is not advisable to do this, a 
letter, to head office, will usually supply 
the information. 

It is a fair assumption that anyone 
who requires the service of the collec- 
tion department very probably has 
other kinds of business to transact. 
More frequently than not, an organiza- 
tion or an individual carrying on fre- 
quent transactions in collection, will be 
found to purchase exchange from time 
to time. If the Bank of Italy is not 
supplying this exchange, the collection 
department has the opportunity to start 
the ball rolling. More than one good 
exchange customer has grown out of 
leads furnished by the collection de- 

Just Like This! 

Good service the kind the Bank of 

Italy supplies — is always a recommen- 
dation for the institution. If a collec- 
tion is handled promptly, pleasantly 
and to the entire satisfaction of the 
customer, other business is apt to re- 

9 2 3] 

B a n k i t a I y Life 


Miss Ferguson 

their capacities 
arrow moving 

Library Corner 

By Dorothy Ferguson, Librarian 

Are You an Arrow or Are You 


The Spokesman of 
the University of Cal- 
ifornia Extension Di- 
vision divides busi- 
ness men into two 

Those dynamic 
characters who are 
continually putting 
forth efforts to in- 
crease their personal- 
ity, thus growing 
year by year nearer 
t h e fulfillment o f 
are compared to the 
n a bull's eye line 
towards the mark. 

Others suffering from mental leth- 
argy, lack the initiative to work con- 
structively and to carry out even what 
they have planned. They belong to the 
category of the inert. They DRIFT. 
Moral: Don't drift — be an arrow. 
Develop your forces, add to your 
ammunition for daily progress. Among 
the many aids offered by the Bank of 
Italy to its staff members for advance- 
ment, is the ever growing collection of 
books on nearly all banking subjects, 
at our LIBRARY. 

Have you called at our Library re- 
cently and seen the latest additions? 
Our collection is growing fast, but not 
quite rapid enough to meet the demand. 
Our most popular books are those 
on general banking and on invest- 
ments, and although we have the fol- 
lowing: "Kniffen's Practical Work of a 
Bank,'' "Langston's Practical Bank Op- 
eration," "Munn's Paying Teller's De- 
partment," "Westerfield's Banking 
Principles and Practices," the requests 
for something on "every day" banking 
practice cannot be filled, so great is the 

Bond Salesmen, Attention ! 
Do all the bond salesmen know that 
"Peirce's Human Side of Business" is a 
most readable book on the Psychology 
of Selling? We also have "Chamber- 
lain's Principles of Bond Investment," 
"Jordan's Investment," and "Lager- 
quist's Investment Analysis." 

glad to know that we have added to 
our books on "Better Business English 
and Letter Writing," "Crowell's Dic- 
tionary of Business and Finance." It is 
most usable, up to date, and will settle 
many a discussion as to the correct use 
of some technical word. 

Remember: Don't drift ! Study along 
your line ! 

Frisco, Los, Philly and Chi 

The city of San Francisco, host to 
the Fifth National Convention of The 
American Legion, may look back at 
that event with the assurance that 
never was a gathering of such size 
prepared to descend on San Francisco, 
whose membership had been so thor- 
oughly ccached to avoid use of the 
catch-name, Frisco. We asked Robert 
Rea, librarian of the San Francisco 
Public Library, for a statement of the 
objections to the abbreviation. "Cali- 
fornia has a very romantic history," 
Mr. Rea answered, "and most of the 
names have been taken from historical 
characters. However, aside from the 
sentiment, we feel that San Francisco, 
as well as all large cities of the United 
States, deserve the dignity of being 
called by their full names, and I feel 
assured that all loyal Americans are 
willing to accord this honor to them." 

Mr. Rea is right. Cities are not 
named casually any more than babies 
are. Such words as San Francisco, Los 
Angeles, Philadelphia and Chicago are 
part of a noble historical heritage, and 
it is only because some of us thought- 
lessly lose consciousness of that fact 
that we sometimes reduce them to un- 
dignified abbreviations. No one who 
refers to San Francisco as Frisco 
would any more think of designating 
St. Francis as Frank than he would of 
calling John the Baptist, Jack. 

People who live in San Francisco, 
Los Angeles, Philadelphia and Chicago 
do not say Frisco, Los, Philly and Chi. 
It is the outsider who likes to pretend 
familiarity with them who finds easiest 
recourse to the short epithets. You 
know the man. He is the individual 
who was once present at a commercial 
club luncheon tendered to J. P. Morgan 
and who has remarked ever since, on 
the slightest provocation or on none at 
all, "Oh, yes, Pierp and I used to take 
lunch together." — Legion Bulletin. 




Bankitaly Life 


A. J. Gock, 

"Home Builder"Held Best Bet 
on Bank Loans 

A Bank of Italy Chief Says This Type 
of Borrower is Perfectly Safe 

^§1 The man who ap- 

^P | plies to a bank for a 

loan with which to 
■L^ build a home is the 

■EP& safest risk of all. 

||; A - JM Such was the opin- 

^Hj^" I i° n voiced last night 

i to more than 375 
' members of the San 
Francisco Chapter of 
the American Insti- 
tute of Banking by 
A. J. Gock, vice- 
president of the Bank 
of Italy, at a forum 
meeting of the chapter held in the 
Colonial ballroom of the Hotel St. 

"It has been my experience that the 
man who earnestly wishes to borrow 
our money with which to build himself 
a home is the best customer we have," 
Gock said. "We find that no matter 
how small his payments are designated, 
the home builder is prompt to pay and 
is one of the finest risks on our books. 
The man who wants to build a home 
and must borrow our money to put it 
over, is, everything considered, as good 
as gold." — News item. 

THE ABOVE is from. 

* * * 


* * * 

OF SANDY Pratt's banker. 

* * * 

AND WHILE Sandy, producer. 

* * * 

OF SAND, rock and gravel. 

* * * 


* * * 

MR. GOCK say. 

* * * 

SANDY'S TWO companies. 

* * * 

THE PRATT Building Material Co. 

* * * 

AND THE Pratt Rock & Gravel Co. 

* * * 

DOUGLAS 300— "easy to remember." 

* * * 

ARE HIS best loans. 

AND CAN have. 

* * * 

ALL THE money Sandy wants. 

* * * 


* * * 

AND HIS Bank of Italy. 

* * * 

LOAN THEIR money. 

* * * 

TO HOME builders. 

* * * 

THEN SANDY can sell them. 

* * # 

HIS SAND, rock and gravel. 

AND IN the course. 

* * * 

OF A thousand years. 

* * * 


TO BUY out Gock's banks. 

* * * 

SANDY HAS a (sand) bank. 

* * * 

AT SACRAMENTO and Marysville. 

* * * 

ALSO AT Prattco (Monterey County). 

AND SANDY has more "rocks." 

* * * 

AT HIS new rock crusher. 

* * * 

AT PRATTROCK, near Folsom. 

* * * 

THAN THE Bank of Italy. 

* * * 

IN ALL its branches. 

* * * 

"I THANK you." 

This is one of the types of home that 
Al Gock of the Bank of Italy says is a 
good loan. — Daily Pacific Builder, Dec. 
6, 1923. 

B a n k i t a I y L i f 


Life Insurance Trusts 

By W. J. Kieferdorf, Trust Officer 


The public seems 
to be thoroughly sold 
upon the subject of 
life insurance. 
E^ ^ _ M During the first ten 

■ ^^B months of this year, 
forty-eight of the 
■8*-- ^H leading insurance 
^^^ ^^fl companies of our 

^HT^^^^B country have written 

^L ^K'' nearly eight billions 

of dollars in new life 
insurance. As com- 
pared with the same 
period last year, these figures represent 
an increase of nearly one billion dol- 
lars. In fact, policies of large amounts 
are no longer a rarity, and the hitherto 
unheard-of Million Dollar Policy is be- 
coming a common-place. 

Heads of families now appear to 
have a particularly keen realization of 
their financial responsibilties, and look 
to life insurance for safety. There is, 
indeed, a more general appreciation of 
the necessity of making adequate pro- 
vision for dependents, and a feeling 
that, though we may spend recklessly, 
we must at all hazards save enough to 
meet our life insurance premiums. 

Proceeds of Life Insurance Should be 

Opposed to the optimism that one 
feels as a result of this growing solici- 
tude is the shocking revelation that 
eighty-five per cent of bulk insurance 
money, paid directly to beneficiaries, is 
dissipated within seven years; and that 
after ten years, an extremely small per- 
centage of such money remains intact. 
If these statistics be true, there is in- 
deed a crying need for a process by 
which the proceeds of life insurance 
may be conserved and the treasured 
hopes and objects of the insured 

It were folly indeed, and cruel, to 
place upon the widow, bereft of her 
guide and protector, the burden of the 
proceeds of heavy insurance. It would 
be hazardous, too, to saddle this re- 
sponsibility upon the shoulders of a 
trusted friend. Obviously, the logical 
thing to do is to seek the corporate 

trustee the trust department of your 

bank, upon whose sound judgment, 

accumulated experience, financial 

strength, and unswerving loyalty you 
can fully rely. 

In fact, the knowledge that your 
bank must be faithful to its every trust, 
and that it must be subservient to the 
laws under which it is bound to func- 
tion, will be a source of comfort and 
encouragement, and a strong incentive 
to make the most generous provision 
for those who are left behind. 

How to Create a Life Insurance Trust 

The method of creating a life insur- 
ance trust is very simple. It is neces- 
sary merely to name the bank as bene- 
ficiary under your insurance policies 
and to execute a trust agreement where- 
in you instruct the bank regarding the 
disposition of the proceeds of your 
policies. In case of policies already in 
force, a change of beneficiary can be 
made by conforming with the require- 
ments of the insurance companies. 
This is usually done by filling out a 
form entitled "change of beneficiary." 
In case of new insurance, the bank 
may be designated as beneficiary at the 
time of the application for insurance. 

The trust agreement may be made a 
very flexible document. Under its 
terms a widow may be given a stipu- 
lated allowance; children maintained 
and educated, and aged parents pro- 
tected against want and poverty in 
their declining years. The Trustee, in 
this trust agreement, should be given 
discretion so that it can act without 
restriction when unusual emergencies 

Guarding Against Lapsation 

If interest-bearing securities are de- 
posited with the Trust Department, and 
the income therefrom directed to be 
used to pay the premiums upon your 
policies, the constant danger of lapsa- 
tion of your insurance for non-payment 
of premiums will be eliminated, and 
your trust estate will be correspondingly 

In these days of fast living and slow 
saving it would indeed appear advis- 
able that every person, whether of 
modest or generous means, should 
carry as much life insurance as his 
income will permit; and it becomes his 
further duty to protect the proceeds of 
such insurance by creating a "Life 
Insurance Trust" to be administered by 
his bank as trustee. 


Bankitaly L i f 


Louis Ferrari 

The Community Property Law 

Extracts from Address to Staff 

By Louis Ferrari, Trust Attorney 

As early as 1850 
, we had a community 
property law in the 
State of California, 
but up to 1 9 1 7 the 
interest of the wife in 
the community was a 
mere expectancy. 
She had no vested in- 
terest, and the courts 
repeatedly held that 
her estate was simply 
an expectancy, to 
take effect after the 
husband died. In 1 9 I 7 an amendment 
was passed, to the effect that no gift of 
personal property could be made by 
the husband without the wife's consent, 
and no transfer of real estate, except a 
lease for less than one year, could be 
executed by the husband, and have 
validity, unless the wife joined in the 
conveyance. That amendment, accord- 
ing to most lawyers, and according to 
an opinion recently rendered by our 
Supreme Court, and two opinions ren- 
dered by the United States Courts, 
vested in the wife an absolute, fixed 
interest in the community property. 
The husband could not take that inter- 
est away from her. When it came to 
divesting the community of that inter- 
est she had to sign and execute the 
document as well as the husband, and 
that is why, in our loans, we have, 
since an amendment enacted away back 
in 1891, insisted on the wife signing 
the mortgage, because, under that 
amendment she was beginning to have 
an ever increasing interest in the com- 
munity property. After 1917, of course, 
no bank and no person lending money 
or dealing with property of the com- 
munity would feel warranted in taking 
a conveyance that was not signed by 
both the husband and wife. 

A Common Question 

Frequently I am called on to answer 
this question: "Blank is arranging for 
a loan from our Bank, and he (or she) 
doesn't want the wife (or the husband) 
to sign. The claim is made that he (or 
she) has no right to the property. 
What shall we do?" Of course, the 

answer is that in all such cases we 
should insist that both sign, because 
they know whether it is community or 
separate property; they know whether 
they have the right to execute on be- 
half of the other; but we don't. And 
therefore the path of safety is always 
that both should sign. You will find 
very few documents in our institution 
that have to do with anything which 
might even be construed as community 
property, that do not contain both sig- 

The Law of 1923 

We have seen that the tendency has 
been to enlarge the rights of the wife 
in and to the community holding. In 
1923 the legislature passed the so- 
called Community Property Law; in 
and by that act, the husband and the 
wife are placed practically on an 
equality with reference to community 
property. If anything, we have gone so 
far to protect and fix the rights of 
the women in the community property 
that I now believe the rights of the 
wife to the community property are 
not only equal to those of the husband, 
but are superior. Under the present 
law as it exists since the amendment of 
1923, each spouse gets one-half of the 
common property of their own right, 
and the other half is subject to the 
testamentary disposition of the other. 
In other words, today the wife may 
make a will of her half of the com- 
munity property in the same manner 
as the husband may make a will of his 
half of the community property. If she 
does not make a will and dies intestate, 
the husband gets it all. On the other 
hand, if the husband does not will 
away his half of the community prop- 
erty, the wife gets it all. So you can 
see that they are practically on an 

Our Chief Interest 

But the thing in which we are most 
interested is, how has the passage of 
this act affected the manner and 
method of dealing with our customers 
who may be married, with reference to 
obligations that they may incur to the 
Bank? I cannot see that insofar as the 
dealings of the Bank with its customers 
are concerned, or the dealings of any 
creditor with the husband — who is the 
manager of the community — that the 
situation has been at all changed by 
the passage of this law, for this reason: 
That anything which the wife may 

? 9 2 3 ] 

■Bankitaly L i f e 


devise is subject to the debts of the 
husband, and therefore, if the husband 
has contracted a debt, before the de- 
visee of the wife can get anything, the 
debt must be paid. Therefore, the de- 
visee of the wife will only get the over- 
plus after the payment of the debts of 
the husband. I feel, however, that it is 
very desirable, and almost necessary, 
for people dealing with borrowers on 
behalf of the Bank to have some infor- 
mation as to whether or not the party 
is married, also as to the name and 
residence of the wife, because it is 
possible that in the case of the death of 
the wife it may be necessary to assert 
the rights of the Bank as a creditor, as 
against the estate of the wife. 


By F. F. Risso, Asst. V. P. 


The A. I. B. bas- 
ket-ball season is 
now under way, and 
reports from the Ath- 
letic Committee indi- 
cate that this will be 
the biggest year in 
our basket-ball his- 

^1/ iM tory ' 

mBf&jBt Manager Arnold 

Gamboni, A. V. P., 
Frank F. Risso reports that the line- 
up for the Bankitaly 
Club is practically the same that has 
won the championship for the last four 

"We were rather doubtful for a 
while about Captain Mel Simpson's 
services this year," said Gamboni, "as 
he had taken on considerable weight. 
However, in a recent work-out, the 'old 
man' convinced us that he still pos- 
sessed the agility of former years and 
was hooking them in the basket like 
Renolds Barbieri hooks fish. Renolds 
has been seen on several frosty morn- 
ings pushing a ball around Van Ness 

"With Simpson, Boyle and Lauter- 
wasser as mainstays," continued Gam, 
"we have every reason to believe that 
our team will again come out on top. 
The other men in uniform are 'Sandy* 
Turner, 'Silent' Arata, Byron Smith, 
Pete Campana and 'Red' Kemp. Kemp 
has recently joined the benedicts and 

has been doing his training with a 
feather duster and a broom." 

In addition to competing in the reg- 
ular A. I. B. games, it is anticipated 
that the Bank of Italy boys of S. F. 
will successfully defend their title 
against the Fresno and the Los Angeles 
branch teams. 


The annual Bowling League tourna- 
ment of the American Institute of Bank- 
ing started October 1 7. Up to date our 
team has won eight games and lost 
four, and as a result we are in second 
place, and only one game behind the 
leaders. This is only the second year 
that the Bankitaly Club has entered a 
team in the Bowling League, and the 
results are most encouraging. 

Last year, the first year of our entry 
in the League, the boys grabbed off 
three trophies and this year, with all 
the old timers out, the pin smashers 
from 11-35 are going to be hard to 
keep out of first place. The first string 
men are A. Bertolozzi, A. J. Rusconi, 
P. Barrett, B. Poncetta and L. Giusti. 

All the games are being rolled in the 
California Bowling Academy, and as 
there is ample accommodation for spec- 
tators, the presence of a rooting sec- 
tion would help a great deal. 

E. P. Foster, Vice-President 

E. P. Foster 

associates, friend: 
Ventura's foremost citizen. 

E. P. Foster, chair- 
man of the Ventura 
branch advisory 
board, has been elect- 
ed vice-president of 
the Bank of Italy. 
Mr. Foster has been 
prominently identified 
with the banking pro- 
fession for many 
years and his selec- 
tion for this distin- 
guished position has 
greatly pleased the 
s and neighbors of 

Clerk: "I'd like to have you raise 
my salary." 

Boss: "Well, don't worry. I've man- 
aged somehow to raise it every week 
so far, haven't I?" — Exchange. 


B an k it a I y Life 


Edmund Piatt, 

The Federal Reserve Board 
"Branch Bank" Ruling 

Some Interesting Comments on It 

After February 1 , 
1924, state banks 
seeking membership 
in the Federal Re- 
serve System will be 
required to agree to 
establish no branches 
without the permis- 
sion of the Federal 
Reserve Board, and 
to relinquish any 
branches outside of 
the city in which the 
parent bank is locat- 
ed. This in substance is the decision of 
the Federal Reserve Board, recently 
arrived at in Washington. 

Piatt in Disagreement 
Dissenting from the opinion of the 
majority of the Board, Vice-Governor 
Piatt has courageously expressed his 
individual disagreement. "Unless the 
Board is willing to take a retrogressive 
position in a matter primarily of com- 
petition between two classes of banks, 
it should work out regulations which 
will guide and direct the extension of 
branch banking," said Mr. Piatt. He 
holds that the Federal Reserve Board 
has no power to intervene in competi- 
tion between banks, and never was 
intended to have. He also thinks that 
the position of the majority of his 
colleagues as reported may be "un- 
scientific and without merit." It is 
worth noting that this dissenting opin- 
ion of Mr. Piatt is the first that has 
ever been publicly filed in the history 
of the Federal Reserve Board. 

Definite expressions of opinion on 
the questions raised by the new ruling 
are not generally current, but the San 
Francisco Chronicle takes occasion to 
point out that "the merits , of the 
branch banking system aside, it appears 
that in California, these institutions are 
filling a hitherto unparalleled part in 
the garnering of California's crops. At 
various peak periods in crop produc- 
tion in this state, the branch banks are 
often able to lend immediately more to 
the producer for the purpose of har- 
vesting and marketing, than are the 
unit banks." 

A Matter of Principle 

In the East, the question is regarded 
as largely academic. Charles D. 
Mitchell, President of the National City 
Bank, New York, in an interview with 
the Bankers Magazine, held that the 
ruling would have no effect upon the 
situation locally, while the Commercial 
and Financial Chronicle, New York, 
finds that the chief consideration 
"hangs upon the natural rights of the 
ordinary bank, whether state or na- 
tional, to establish branches in view of 
the independence of our banking units. 
The main thought is that the problem 
presented should be settled upon prin- 

Further observations from the east- 
ern viewpoint include editorial com- 
ment from the Wall Street Journal and 
the New York Journal of Commerce. 
"State banks, now in the system, will 
not be permitted to establish addi- 
tional branches or offices, outside the 
corporate limits of the city or town in 
which the parent bank is located," says 
the Wall Street Journal in commenting 
on the action of the Board. This pub- 
lication adds further that "new state 
banks applying for membership in the 
System will face similar restrictions," 
pointing out that the ruling, however, 
does not affect branches, or additional 
offices, established prior to February 1 . 
In view of the agitation of this subject 
in Congress, the Journal believes that 
the Reserve Board had wanted to get 
its view of the situation on record at 
once with the expectation that Con- 
gress would later either approve or dis- 
approve the decision, according to its 
own judgment. 

Action Held Political 

The most decided opinion that has 
been ventured on this subject is voiced 
by the New York Journal of Com- 
merce. In. reviewing the action of the 
Federal Reserve Board, this publication 
points out that "a first objection to be 
plainly made to this action on the part 
of the Federal Reserve Board is that 
that body probably has no legal war- 
rant whatever in adopting any such 
regulations. The Board cannot defend 
any such ruling upon banking grounds, 
and it is only on political considerations 
that any basis can be found for making 
so stringent and apparently unwar- 
ranted a limitation upon state bank 

A somewhat forward-looking view of 

9 2 3] 

■Bankitaly Life 


the situation is added by this same pub- 
lication: "Bankers who give the mat- 
ter more sober thought," it suggests, 
"will recognize the extreme danger to 
the banking community that is involved 
in any such 'tinkering' with banking 
competition that is now being under- 
taken by Federal authorities, and that 
however they may feel about branch 
banking, they had better carry their 
views into effect by some entirely dif- 
ferent means." 

Practically all of the writers on this 
subject who have ventured an expres- 
sion, agree that further developments 
may be expected. They seem to feel 
that the situation has not been dis- 
posed of to the entire satisfaction of 
independent or unit bankers, who find 
themselves in the same position they 
have occupied for the last several years, 
nar to the branch bankers, who are 
now confronted with new difficulties, 
before the complete maturity of their 

Head Office News 

Vice-President James A. Bacigalupi, 
in his gracious introduction of Mr. 
Ferrari, our trust attorney, at a staff 
meeting last month, incidentally re- 
ferred to our bank's phenomenal 
growth. "It is bound to continue 
growing," said he, "because it is 
founded upon principles that are sound 
and enduring." 

An event of international interest, as 
evidenced by cablegrams, telegrams, 
telephones and the felicitations of his 
associates, occurred this month when 
Mrs. Sehested presented O. H. Sehested, 
trust department accountant, with an 
eleven-pound heir. Mother and son are 
doing nicely. 

Basil Peters Metropoulos, assistant 
cashier, in charge of our Greek depart- 
ment, has been elected Commander of 
Hellenic Post, American Legion. Com- 
mander Metropoulos, like his co- 
worker Lieutenant George Shannon 
McGee, U. S. Naval Reserve, carries his 
title in a manner worthy of an officer 
and a gentleman. 

I. J. Cereghino, assistant trust officer, 
says that sometimes in real life as well 
as on the "stage" when a man dies 
without making a will, or as Isadoro 
says, intestate, all of his property goes 
to the nearest "villain." "Make your 

will now, continues our assistant trust 
officer, and 

"Defer not till tomorow to be 
Tomorrow's sun on thee may 
never rise." 

Miss Alta Dallam, of our executive 
department, recently received a letter 
from Seattle that was several weeks 
en route. When it arrived, it was badly 
scorched and appended to it was a slip 
reading: "This mail damaged by fire 
and dynamite in hold-up of Ashland 
train No. 1 3 at Siskiyou, Oregon, Octo- 
ber 13, 1923." No wonder some people 
are superstitious about the figures 

John Lachini of our safe deposit 
department has been appointed to fill 
the vacancy caused by the untimely 
death of James J. Hickey, who was in 
charge of the evening safe deposit 
detail. Harry Dunbar Cross, Jack's 
immediate superior, speaks well of his 
new assistant and all of Lachini's asso- 
ciates wish him an abundance of 

"Se Habla Espanol?" a beautiful 
senorita softly said, as she approached 
our head office information desk. "No," 
gently replied Joseph E. Newman, in 
charge, who pointed gracefully to the 
new account window, where stood 
linguists Joe Turner (tall) and Cosmo 
Draghicevich (not so tall). As the 
Spanish maiden gazed upon these gen- 
tlemen, in doubt as to whom to address, 
she turned again to Mr. Newman and 
said, "Which one, Big or Little?" 

Gladys M. Adams, until recently with 
our women's banking department, was 
married to John G. Warfield on No- 
vember 1 1th. The Warfields are resid- 
ing in Los Angeles and have our cor- 
dial good wishes. Mrs. McElney, for- 
mer manager of our stenographic de- 
partment, has succeeded to Miss Ad- 
ams' place, and will devote her time to 
business extension work, while Miss 
Fields will be chief stenographer. Ivan 
Bean had been suggested for the latter 
place, but he couldn't qualify in the 
matter of speed. 

Our local women's banking depart- 
ment tendered felicitations to our Los 
Angeles women's banking department 
at Seventh and Olive Streets, a few 
weeks ago, when its deposits passed 
one million dollars, a wonderful record 
for eight months. Our sincerest con- 
gratulations to Misses Stoermer, Gib- 


Bankitaly Life 


bons, Harstine and all the other mem- 
bers of the W. B. D. in L. A. Here's to 
your second million! We were greatly 
pleased to hear of Miss Stoermer's elec- 
tion as vice-president of the Western 
Division of the Association of Bank 
Women, an organization of women, 
holding executive positions in banks. 

George Mulligan, assistant trust offi- 
cer, when in Turlock recently, remem- 
bered his department associates by 
sending them a crate of cantaloupes. 
George is always so kind and thought- 
ful, particularly to the ladies of our 
bank, that we are sure that 1924 (leap 
year) is going to see his finish — as a 

Russell G. Smith 
has been appointed 
assistant vice-presi- 
dent, banks and 
bankers department. 
Mr. Smith has been 
associated for some 
time with L. M. Mac- 
Donald, vice-presi- 
dent in this depart- 
ment, and is thor- 
oughly familiar with 
the policies and pro- 
cedure incident to the 
work. Concurrently 
with this appoint- 
ment, the selection of Louis Allen as 
assistant cashier, in charge of head 
office transit operations, was an- 
nounced. Mr. Allen's duties are largely 
concerned with the outlying branches 
and his long experience in the head 
office collection department gives him 
an exceptional background for this 
assignment. Congratulations to Russell 
and Louis. 

M. D. Filippi has been appointed 
manager of our Excelsior branch. Mr. 
Filippi has made excellent progress 
with this new branch, having greatly 
assisted in building up the deposits to 
approximately $500,000. In recogni- 
tion of the splendid work that he has 
done at Excelsior as well as for past 
faithful services, the executive com- 
mittee conferred on him this well- 
merited honor. 

Marie Grondona has returned from 
Europe. While visiting at the Banca 
d'America e d'ltalia in Rome, Marie 
met Clara Tommasini, formerly of the 
head office, whose favorite song is "I 

love you, California," even though 
Clara now lives in an atmosphere of 
recognized classic selections. 

Miss Helen McCann of our statement 
window was married recently to Mr. L. 
Behr. About the same time as Helen's 
nuptials, Miss Myrtle Resing became 
the bride of Mr. R. D. Buckley, 
brother of Mr. Frank Buckley, Cashier 
of the Liberty Bank. Messrs. Behr and 
Buckley will please accept our hearty 
congratulations on their selection, as 
life partners, of such estimable young 

Kathleen Lyons, of our stenographic 
staff, is now at our Southern California 
headquarters, where she acts as amanu- 
ensis to President Giannini. Since 
Kathleen went to Los Angeles she has 
taken up aeronautics as a diversion, 
causing her friends in San Francisco to 
remark that she is now "stepping 

A. Chiappari, assistant cashier, acts 
as special guide to all operatic stars 
who visit our bank. "Cap" recently 
escorted Guiseppe De Luca, of the 
Metropolitan Opera Company, through 
our various departments, and a few 
days later Tito Schipa, world famous 
tenor, was shown around. Cap's inti- 
mate acquaintance with the operatic 
profession has caused his associates to 
wonder if he can sing and if so why he 
doesn't organize a Bank of Italy quar- 

Fred Fuhrman, captain of our track 
team and teller in the savings depart- 
ment, was recently moved a few win- 
dows down the line. Then Fred felt 
impelled to coin a new expression, by 
paraphrasing an old one, and said, 
"Distance makes the heart grow fond- 
er." We have been wondering just 
what he means. Come, Fred, tell us, 
so that we can stop guessing. This 
incident reminds us of the time that 
Frank Risso, assistant vice-president, 
was assigned to our Fresno branch, 
five years ago, when he said, "Absence 
makes the heart grow foolish." 

W. J. Kieferdorf, trust officer, says 
that nearly fourteen and one-half bil- 
lions of dollars is the impressive total 
of resources held by the trust com- 
panies of the country, according to 
statistics just published by the United 
States Mortgage & Trust Company of 
New York. The total number of insti- 
tutions reporting numbered 2,478, as 
compared with 2,372 one year ago. 

19 2 3] 

Bankitaly Life 



SAN JOSE — We were very much de- 
lighted to learn that our vice-presi- 
dent and manager, Wm. E. Blauer, 
was elected a director of the Bank 
of Italy. Will is respected by all 
because of his splendid personality, 
unquestioned ability and absolute 
fairness. Roy Nelson, our gen- 
eral bookkeeper, made a "double 
play" this fall, for he was happily 
married while on his vacation. Mrs. 
Nelson was formerly Ruth Paulson 
and is one of the finest young ladies 
in our valley, while Roy is also 
"rated" Al. 

SUNNYVALE — The completion of our 
new home seems to have marked the 
beginning of a number of public im- 
provements in Sunnyvale, including 

a system of gas mains. Our 

branch deposits are increasing in a 
satisfactory manner and the tax col- 
lector's returns from this section 
showed no indication of a drop in the 
price of fruit. 

TAFT Joe Cronan, our new man- 
ager, is as happy as a lark. 

Mario Giannini, assistant to the pres- 
ident, and Frank Risso, assistant 
vice-president, called last month 
about the same time that Messrs. 
Lawler and Kopecky were here to 
introduce school savings. Four head 
office men in one week was some 
"record" for Taft, but it shows the 
growing importance of our branch 

and of this beautiful city. At 

a local celebration and parade last 
month, Rufus Ogilvie was assistant to 
the grand marshal and rode on the 
hurricane deck of a black charger. 
Gee! but we were proud of Rufus. 

VENTURA Through an oversight on 

the part of our local correspondent, 
no mention has recently been made 
in our house organ of the fair mem- 
bers of our staff; we refer to the 
Misses Dimmick, de Nice, Fraser, 
Smith, Weidman and Thomas. With- 
out their ever cheerful presence and 
merry chatter, our life would be dull 
indeed. This charming sextette has 
received a large box of assorted 
chocolates from Clarence Cuneo, as- 
sistant secretary in San Francisco. 
We understand that Mr. Cuneo is 
sending a package of sweets to the 
ladies at every branch. No wonder 

the girls are just crazy about him. 
Oh! Clarence. 

GILROY — Coincident with the comple- 
tion of the Pacheco Pass highway, 
there has been a very remarkable 
influx of tourists from the San Joa- 
quin Valley, many of whom are see- 
ing our beautiful Santa Clara County 
for the first time. 

WASCO — The activities in our local 
cotton market would remind one of 
New Orleans, excepting that the ele- 
ment of "color" has not yet entered 
here. Our gins have been working 
twenty-four hours a day, with buyers 

everywhere in evidence. A 

night class has been opened in the 
Wasco High School, where our man- 
ager is "majoring" in typewriting. 
He decided not to study stenography, 
for Joe didn't fancy taking "dicta- 

HANFORD — Merton Belcher has been 
appointed manager of this branch, a 
tribute to the splendid work he has 
been doing, since he came here as 
assistant manager. Merton's asso- 
ciates join with our townspeople in 
wishing him a very successful in- 
cumbency as our local chief. 

our manager, is becoming a golf 
expert and will soon be ready to 
take on all comers. A. L. Brown, 
assistant manager, is also qualifying 
as a devotee of this great outdoor 

sport. Our branch's remodeled 

building is a credit to San Luis 

LIVERMORE— Work on the roads and 
grounds of the projected U. S. gov- 
ernment hospital in this valley is 
progressing, despite a lot of news- 
paper stories about alleged violation 
of the proprieties, in connection 
with the proposed building plans. 
This town surely had the "front 
page" for a while. 

CENTERVILLE — Our "villa" seems 
destined to boom, for great public 
improvements are about to be under- 
taken, including the Dumbarton 
bridge and a magnificent high school. 

Messrs. Dusterberry and 

Mathiesen won a calf at a recent 
church fair. These kind men have 
decided to raise this baby quadruped 
and some day have a barbecue to 
which all of our bank's employees; 
about the bay will be invited. 

page twenty-two Bankitaly Life 


SACRAMENTO — This branch is grow- 
ing so fast that we could fill an 
entire issue of Bankitaly Life in tell- 
ing about our accomplishments. Can 
you imagine a branch, less than two 
and one-half years old, having ten 
million dollars on deposit, standing 
to the credit of 15,000 Sacramen- 

tans? Butler Jack's baby 

daughter, Adalyn Marian, is a great 

KING CITY — Several members of our 
staff took advantage last month of 
Armistice Day and Thanksgiving to 
visit different parts of California. 
Miss Bengard went to San Francisco, 
Mr. Wasson to Berkeley, Mr. Law- 
rence to "somewhere" up north, and 
Mr. Ghezzi to San Jose. Gene Rianda, 
assistant manager, remained at 
home, but kept in touch with his 
traveling co-workers through his pri- 
vate radio station. J. R. Soma- 

via, our respected vice-president, 
calls here every week and is always 
most welcome. 

MERCED— Mrs. D. J. Hartsough, for- 
merly identified in a prominent way 
with this branch as Miss Oneto, as- 
sistant cashier, was a recent hostess 
to the members of our staff at a 
delightful ravioli dinner. Mrs. Hart- 
sough's ability as a cook is on a par 
with her fine reputation in the bank- 
ing world. A big cement plant 

is to be established here to be known 
as the Yosemite-Portland Cement 
Company. John P. Weller, our man- 
ager at Redwood, has been shouting 
about the immense cement enterprise 
soon to be "launched" in his home 
town, which recalls the launching 
once, just once, of a cement ship in 
Redwood, "The Faith." By the way, 
John, where is that "good ship" 

SANTA ROSA — Our banking room is 
to be remodeled and when completed 
will be spacious and "a thing of 

beauty." Joseph T. Grace, our 

vice-president, and Mrs. Grace, gave 
a dinner last month to the members 
of the Santa Rosa staff. Duck was 
the piece de resistance and the occa- 
sion was a particularly happy one. 

Jack Brush and John Soma- 

via, former students at St. Mary's 
College and Santa Clara University, 
respectively, attended the big foot- 
ball game between the "elevens" of 

those two old seats of learning. 
Santa Clara won, but Jack claims 
the "best team lost." 
SAN MIGUEL— When F. B. Pendery, 
our manager, was recently incapaci- 
tated by an annoying toothache, he 
was "relieved" by Wm. T. Rice of 
our San Luis Obispo branch. By 
that we mean that Bill took our 
manager's place while a real honest- 
to-goodness dentist "relieved" the 
pain. This was the second time in 
the history of our branch that a 
member of this staff has been seri- 
ously indisposed, on account of a 
tooth. Our readers will remember 
that Miss Pendery once had trouble 
with a "wisdom," but then all verte- 
brates are subject to these paroxys- 
mal annoyances. 
MODESTO — Don Pedro Dam, the 
source of our district power, is al- 
ready proving its worth, for more 
than 150 individuals and firms are 
availing themselves of the oppor- 
tunity to use this great public utility. 
We can now appreciate, in a limited 
way, what the completion of the 
Hetch-Hetchy Power and Water sys- 
tem will mean to San Francisco and 
tributary territory. We congratulate 
the Metropolis of Northern Califor- 
nia on its foresight in providing for 
its future needs, by "harnessing" 
LOS ANGELES, Seventh and Olive — 
James O. Moore, former member of 
the staff of the Pacific-Southwest 
Bank, has been appointed assistant 
manager of our credit department. 
Jim's unique signature is surely in 
a class by itself, the first letter of 
his name, "J," beirig 4% inches 

long. Four young ladies have 

recently joined our women's banking 
department: Miss Harstine, until re- 
cently at the head office; Esther 
Greely, Margaret Dernehl and Susan 
Petrini. This quartette of new 
comers indicates that we are growing 

fast so rapidly that R. E. Trengove, 

vice-president, finds it hard to get 
through our crowded lobby to reach 
"old spark plug," the staff elevator. 

OAKLAND Our "Christmas Savings 

Club" has started off under very 
favorable conditions. Just prior to 
the installation of the plan, we had 
an enthusiastic staff meeting to boost 
the project. This gathering was ad- 
dressed by A. J. Mount, our vice- 

Bankitaly L i f e 


president, and F. R. Kerman, pub- 
licity manager, after which we were 
entertained by Miss Elledge and 
Messrs. Livingstone and Elledge, who 
favored us with musical selections. 
George Hamilton Park, assistant 
cashier at Hayward and the "James 
Whitcomb Riley" of California, re- 
cited some original poems as only 
George can; then light refreshments 
were served and dancing followed. 

branch was opened for business on 
March 26, 1923, and on the 18th 
day of this month, our deposits 
passed Five Million Dollars. This 
mcst remarkable showing is a tribute, 
not only to the confidence reposed 
in the Bank of Italy, but is likewise 
indicative of the growth of Los An- 
geles. The unparalleled develop- 
ment of this part cf California chal- 
lenges the admiration of the entire 
world and it is with no undue feeling 
of optimism that we say "Los An- 
geles 'will yet be the largest city in 
the nation, with San Francisco a 
close second." 

ONTARIO Our deposits have in- 
creased more than 100% since we 
became a branch cf the Bank of 
Italy. Keep your eyes on little On- 
tario and watch us expand. 

No! we are not yet a part of Los 
Angeles, but one can never tell when 
we may be, because we are only 40 

miles away. A. W. Hayes, our 

talented and versatile manager, is 
being sought by emissaries of the 
Orpheum Theatre. Those desiring 
further particulars, should address 
our local executive. 

INTERNATIONAL — Many associates 
of ours, at various branches, devote 
themselves, during the winter 
months, to sports and games that 
require more physical endurance 
than intelligence. Most of us, how- 
ever, specialize in such recreations 
as chess, that call for the use of 
brains rather than muscle. We are 
keeping mentally alert, fearful of 
anything that can be diagnosed as 
"rust" fastening itself on our Inter- 
national cerebrums. 

FRESNO — Messrs. Am. S. Hays and 
Ralph S. Heaton, until recently as- 
sistant managers of this branch, have 
been elevated to vice-presidencies. 
Mr. Hayes has taken a leading part 
in the development of Fresno Coun- 

ty, where he has lived for a number 
cf years. And while Mr. Heaton's 
residence amongst us has been com- 
paratively brief, he has shown a most 
intelligent interest in our local activ- 
ities. We congratulate these gentle- 
men on the well merited honors that 
have been bestowed on them by our 
Board of Directors. 

COLLEGE AVENUE— Our new home 
is nearing completion and when fin- 
ished will provide not only for our 
branch, but for three stores, besides 
sixteen modern offices on the second 
floor. The style of architecture is 
Italian renaissance, with concrete 
construction, and the building, with 
lot, represents an investment of 
about $150,000. Residents of th 2 
Claremcnt-Rockridge district, in 
which we function, are delighted 
because of the faith shown by cur 
bank in the future of this section. 

SAN DIEGO— Taking all the various 
factors into consideration, it can 
scarcely be denied that San Diego as 
a health and pleasure resort, a city 
for home seekers in easy circum- 
stances, or a shipping port, and 
within certain limits as an industrial 
center, offers a combination of at- 
tractions and advantages, which can 
hardly be paralleled at any other 
point in the United States. Those in 
closest touch with developments are 
entirely confident of the future cf 
the city, and the professional crepe 
hanger will find considerable diffi- 
culty in discerning any signs or por- 
tents, which might spell a retrograde 
movement in San Diego's history. 

WOODLAND — The original name of 
our branch was the Farmers and 
Merchants Bank. The first meeting 
leading to the formation of that old 
bank, was held on August 20, 1892. 
A lot was purchased and ground 
was broken in 1893. The new bank 
structure was modeled after the 
California National Bank of Sacra- 
mento, Arizona red rock being se- 
cured for the exterior walls. Our 
building appears today "as good as 
new," mute testimony to the wisdom 
of those who sponsored the erection 
of it. The Farmers and Merchants 
Bank was opened for business in 
January, I 894, and continued under 
that name for 1 5 years when it was 
nationalized as the First National, 
which in 1922 became "Woodland 

In the background, "Portals of the Past," a transplanted memento of the fire of 1966 


JANUARY - 1924 

These trees were old when civilization was young 




Head Office 

Volume 8 JANUARY, 1924 Number 1 

(yzVe As Tou Go 

Lesson from a Sh^ountain Stream 

Oh, he tumbles adown 

Fast the little gray town, 
And sings a bright song on the ivay. 

On meadoivs and zuoods 

He gives of his goods. 
Like a prodigal here for a day. 

He asks no returns 

For the wages he earns, 
Yet each blade on the soft, dewy lea 

Begs a blessing of love 

To fall from above 
On the traveller ivho goes to the sea. 
e © 

Oh, gay little stream! 

1 have caught from thy gleam 
How nobly and truly to live: 

I must journey alo?ig 

In the lilt of a song 
And gladly and freely to give. 
Nor ask on the way 

For guerdon or pay 
(Save the blessings men shower on me) 

Till I hear the deep lave 

Of the broad ocean wave 
And the River at last meets the Sea. 

T>avid P. SMcAstocker 



■ Bankitaly Life 





Courtesy of T. B. Paton, 

General Counsel, 

American Bankers Association 

Bank's Obligation to Pay, Not to 

A customer gave instructions to his 
bank not to certify any of his checks 
and the bank desires to know if there 
is any ruling which makes it com- 
pulsory for the bank to certify upon 
demand if the funds are sufficient. 
Opinion: The bank is not obliged to 
certify a check when requested. Its 
only obligation is to pay. The cus- 
tomer's instruction is sufficient reason 
for the bank's refusal. 

Certification by Telephone 

The drawee of a check answering 
the holder's inquiry concerning John 
Doe's check for $170 replied over the 
telephone, "Yes, John Doe is good 
for $170." Before the check is pre- 
sented, the maker stops payment. 

Opinion: The certification over the 
telephone is not valid under the Nego- 
tiable Instruments Law which re- 
quires an acceptance to be in writing. 

Right to Ultimate Possession of 
Paid Certified Check 

A bank asks as to whom a certified 
check belongs after presentment and 
payment, whether to the customer to 
whose account the amount was 
charged when the check was certified, 
or to the bank. Opinion: It is the 
custom of banks to deliver paid certi- 
fied checks to the customer as paid 
vouchers, the same as ordinary checks. 
The customer has a right to ultimate 

Right to Possession of Unused 
Certified Check 

The customer of a bank drew a 
check of $250 in favor of the state 
treasurer, which was certified by the 
bank's assistant cashier. A month 
later the check, never having been 
used nor endorsed, was returned to 
the bank by the customer with a re- 
quest that the bank send him a draft 
for the amount. The request was 
refused and the customer demanded 
the return of the check. Opinion: 
The customer and not the bank has a 
better right to the check, which 
should be returned after cancellation 
of the certification. 

Negotiability of Trade Acceptance 

Does not the holder of trade accept- 
ance paper take the same with notice 
that its negotiability is contingent 
upon the consummation of the con- 
tract between the drawer and the 
acceptor? Opinion: No such notice 
is imputed to the holder. If there is 
anything in the acceptance which 
would make its payment conditional, 
then it would be non-negotiable ; but 
in the standard form of trade accept- 
ance there is nothing conditional in 
the order or in the promise of the 

■Bankitaly Life 


Rights of Holder of Trade 

Is a trade acceptance a negotiable 
instrument? Does a holder in due 
course take free from defenses as 
against the seller? Opinion: There 
is no question but that the ordinary 
form of trade acceptance is a nego- 
tiable instrument and in the hands of 
a holder in due course is enforceable 
against the acceptor, free from any 
defense, because of fraud, defect of 
goods, etc. 

Accommodation Paper 

A bank makes a loan to A for $500 
upon his note, with the understand- 
ing and agreement that B would sign 
later as accommodation indorser. B 
afterwards comes to the bank and 
signs the note. Opinion: One who 
signs a note as accommodation in- 
dorser after its delivery and the pass- 
ing of consideration is not liable, 
without a new consideration, unless 
such indorsement is made pursuant to 
an agreement in advance of delivery. 
In this case B is liable if his subse- 
quent indorsement was in pursuance 
of the prior agreement. 

Altered Paper 

A customer presented for deposit 
to his account a check, the body of 
which was visibly altered. The bank 
refused to receive the check, taking 
the position that the amount should 
be properly authenticated by the 
maker or a new check issued. 
Opinion: If the check was raised, the 
drawee paying the same could recover 
the money paid. The bank would not 
be safe in receiving such check for 
collection and should send the check 
back, rather than forward it for pay- 
ment or rejection and thus avoid cor- 
respondence and trouble. 

Bank Acquires Title by Giving 

A bank discounted a shipper's draft 
with an accompanying bill of lading 

representing hay, and credited the 
shipper with the amount. The drawee 
refused to pay the draft and attached 
the goods because of an alleged prior 
indebtedness of the shipper to him. 
Opinion: The bank was not simply 
collecting agent of the shipper but 
acquired special title to the hay supe- 
rior to that of an attaching creditor 
of the shipper, even though the credit 
was not checked out. 

Typewritten Checks 

Is it proper to fill in the names and 
amounts in checks and drafts with a 
typewriter? Opinion: Typewriting 
in the body of checks and drafts in- 
stead of being written therein with a 
pen is perfectly legal and valid. The 
Negotiable Instruments Act requires 
that, to be negotiable, an instrument 
must be in writing, but it also pro- 
vides that writing includes print. 

Effect of Memorandum on a 

A check was dated Feb. 6th and in 
the left hand corner was a pencil 
memorandum "to be used Feb. 8th." 
Opinion: The bank could not safely 
pay before February 8th. 

Payment of Overdraft to Bona 
Fide Holder of Finality 

A bank in the ordinary course of 
business pays to a bona fide holder a 
check drawn on it, under the mis- 
taken belief that the drawer had funds 
when he had not. Opinion: Payment 
cannot be recovered, and the fact that 
the holder would be in no worse posi- 
tion if compelled to refund than if 
payment had not been made does not 
authorize a recovery. 
Conditional Payment of Check 

A check was received by a bank to 
take up a note held by it due on the 
6th. The note was retained until pay- 
ment of the check on the 7th. Opin- 
ion: The check was received as con- 
ditional payment, and the stamping 
of the note "paid on the 7th" is cor- 


■ Bankitaly Life 


rect as indicating the date of actual 

Selection Where Checks Aggre- 
gate More Than Balance 

Two checks of $30 and $10, re- 
spectively, were simultaneously pre- 
sented, the smaller check being within 
and the larger check in excess of the 
customer's balance. Opinion: It is 
the duty of the bank to pay the 
smaller check rather than to dishonor 
both checks. 

Checks "in Full Payment" 

The correct amount due to a bank 
on a note was $150 and the debtor 
tendered in payment a check for 
$140, containing the words "in full 
payment of the note." The bank 
accepted the check and applied it as 
a partial payment. Opinion: The 
check did not settle the entire debt 
and the bank can recover $10 more. 
Had the bank's claim been uncertain 
as to amount, its acceptance would 
have barred recovery of the balance. 
Cashier's Check for Private Debt 

Is it improper for a creditor to take 
a cashier's check for his personal debt? 
Opinion: One who receives a bank's 
check signed by its cashier in pay- 
ment of the personal debt of the 
cashier must refund the money to the 
bank. Where a cashier paid his per- 
sonal note by drawing and delivering 
a draft in the name of the bank, 
it was held that the bank could re- 
cover from the creditor. 

Stale Checks 

A check dated October 10, 1911, 
was presented for payment June 25, 
1913. The drawee refused payment 
on the ground that the check was 
"stale." Opinion: The bank's refu- 
sal was justified. Until the "reason- 
able time" rule of the Negotiable In- 
struments Law is more fully inter- 
preted the exact period of time re- 
quired to make a check stale remains 

Postdated Checks 

What should a bank do with a 
postdated check delivered to it for 
collection? Opinion: Where a bank 
receives for collection and returns a 
postdated check, it is no part of its 
duty to present the same for accept- 
ance. It can either hold it, present it 
at maturity, or, if time permits, may 
return it at once with advice that it 
is not yet due. 

Returning Check for Indorsement 

A check drawn by A in favor of 
himself but not bearing his indorse- 
ment was forwarded by B bank to a 
correspondent bank, which returned 
the item to B bank for indorsement, 
without first forwarding for payment 
by the drawee. Opinion: The action 
of the bank as collection agent was 

Unpaid Drafts Should be Re- 
turned Promptly 

If a bank forwards a draft for col- 
lection, does the collecting bn'i 
assume any responsibility if it fai's to 
return it immediately when not paid ? 
Opinion: A bank receiving a draft 
for collection, which is unpaid, is 
bound to return same prompt 1 }' rnd 
will be liable to its principal for any 
damages suffered because of negli- 
gence in this respect. 

Protest of Decedent's Check 

What is the customary procedure 
of a bank in case of drawer's death 
before presentment of his check? 
Opinion: The death of the drawer 
of a check revokes the authority of 
the bank to pay. The check being 
refused because of drawer's death, the 
necessary steps upon non-payment are 
not dispensed with, and where a 
check is protestable because of- refusal 
of payment, protest should be made, 
even though the refusal is for the 
reason that the drawer is dead and 
the bank's authority to pay has ceased. 

B a n k i t a I y Life 


Payment of Decedent's Deposit 

A hank refused to pay a check 
drawn against the account of its de- 
ceased depositor until further evi- 
dence of the drawer's authority. The 
drawer, who was the administrator, 
claimed that the indorsement of the 
bank through whom the check was 
presented was sufficient assurance 
that he had been legally appointed 
administrator. Opinion: A bank has 
the right to demand the production 
of letters of administration before 
paying the deposit of a decedent upon 
a check of one claiming to be admin- 

Bank Not Obliged to Receive 

Is a bank compelled to accept a 
deposit from a person with whom it 
prefers not to do business? Opinion: 
A bank cannot be compelled to re- 
ceive a deposit. This is not the case 
of a common carrier. The relation is 
contractual and cannot be created 
except by mutual consent. 

Withdrawals by Surviving Partner 

A and B are partners and open an 
account in a bank in the name of 
"The Star Grocery," subject to the 
signature of A or B. A dies. Opinion: 
B can draw checks against the part- 
nership account and the bank would 
not be liable to the heirs of A for the 
money thus paid. 

Forged Paper — Non-recovery by 

A person draws a check in favor 
of himself, but forges another's name. 
He indorses it and cashes it through 
another person who presents it to the 
bank, where it is accepted and paid 
and charged to the man whose name 
is forged. Later the forgery is de- 
tected. Who loses? Opinion: The 
general rule is that a bank which 
pays a check upon a forgery of the 
signature of its customer can neither 
charge the amount to his account nor 

recover the money from a bona fide 
holder who has received payment. 
Under this rule, ordinarily, the bank 
upon which the check was drawn is 
the loser. 
Forged Order on Savings Deposit 

A forged check and a pass book 
were presented at a bank by a man 
who had been in the habit of making 
deposits for the customer of the bank 
owning the savings deposit. The sig- 
nature of the forged check seemed 
identical with the genuine signature. 
Opinion : The bank is protected 
under its rules where the person re- 
ceiving payment presents the pass 
book and reasonable care is exercised 
by the bank in making the payment. 
Joint or Alternative Payees 

Does a certificate of deposit pay- 
able to the order of John Smith or 
Mary Smith require the indorsement 
of both parties? Opinion: The order 
to pay is complete and sufficient upon 
the indorsement of either payee. 
Indorsement by Mark 

The payee of a cashier's check in- 
dorsed it by his mark, witnessed by 
two reputable persons. The bank re- 
fused to pay it on the ground that 
the payee could write. Opinion: The 
bank should pay. An indorsement by 
mark of a negotiable instrument is 
valid and title is transferred thereby, 
even though the marksman can write. 
Bookkeeper Cannot Indorse for 

Has a bookkeeper authorized to in- 
dorse checks for deposit to the credit 
of a firm authority to indorse notes 
payable to his firm for the purpose of 
discount and credit? Opinion: There 
is no such authority implied. The 
bank should require an express power 
of attorney. 

Where Guaranty of Indorsement 

of Payee Manifestly Not 


Must a drawee bank pay a check 


• Bankitaly Life 


on which the payee's indorsement is 
manifestly not genuine, where the 
presenting bank guarantees prior in- 
dorsements? Opinion: The drawee 
bank is not obliged to pay such check. 
Of course, it may do so, but it is not 
compulsory, as the bank is entitled to 
a proper and genuine indorsement be- 
fore making payment. 
Absence of Payee's Indorsement 
Is the drawee bank justified in re- 
fusing to pay a check, without the 
indorsement of the payee but indorsed 
"Pay to the order of any bank, banker, 
or trust company, indorsement guar- 
anteed"? Opinion: Technically the 
bank acted within its rights in refus- 
ing to pay a check where the indorse- 
ment of the payee was lacking. How- 
ever, it is customary, in order to facil- 
itate business, to make payment in 
cases where the indorsement is sup- 
plied in such manner. 

Check Payable to "Cash" 

Does a check made payable to 
"Cash" require the indorsement of 
the party presenting it other than the 
maker? Opinion: A check made pay- 
able to "Cash" is, in law, payable to 
bearer, and there is no legal require- 
ment of indorsement where presented 
by a holder other than the maker. It 
is customary, however, for banks to 
request the presenter to indorse. 
Long Term Notes with Interest 

A five year note provides "with 
interest at the rate of seven per cent, 
per annum from date until paid." 
Opinion: Interest is not collectible 
annually, as no part of the interest is 
due until maturity of the principal. 
Lost Bearer Checks 

A check on a bank in another town 
was made payable to A or bearer and 
indorsed by A. The inquiring banker 
paid the money without identification 
to a stranger. In due course the check 
was protested because of insufficient 
funds. A, when notified, claimed that 

the check had been stolen from his 
safe. Who is liable? Opinion: The 
banker would be entitled as an inno- 
cent purchaser of the check to enforce 
same against A for the full amount 
upon his indorsement and also enforce 
payment from the drawer of the 
check; this, notwithstanding the 
banker purchased the check from a 
stranger without identification. 

Lost or Stolen Certificate of 

A bank received a request from a 
depositor who claimed to have lost 
several certificates of deposit, for new 
ones, or for payment of the money. 
Would it not be the right course for 
the bank to let the depositor sue and 
have the court decide the matter? 
Opinion: The bank could pay the 
money or issue new certificates of de- 
posit but only upon receiving a satis- 
factory bond of indemnity to save it 
harmless in case the certificates duly 
indorsed should turn up in the hands 
of an innocent purchaser. 

Where Indemnity is Not Necessary 

Is there any liability attaching to 
the bank where it issues duplicate 
non-negotiable certificates of deposit 
and pays these duplicates to the payee 
who claims to have lost the originals? 
Opinion: The bank would be per- 
fectly safe. It would be a defense 
against payment to any subsequent 
holder to whom the certificates had 
been transferred, that duplicates had 
been issued to the original payee. If 
the certificates claimed to be lost were 
negotiable, indemnity would be neces- 

Minors as Agents 

A customer sends his son, a minor, 
to the bank to cash checks amounting 
to $1,000. In the event the. boy is 
robbed on his return to his father, 
would the bank in any way be liable ? 
Opinion: An infant or minor may 
act as the agent of another person 

• Bankitaly Life 


and a bank which pays a check to an 
infant, who has been authorized by 
his principal to collect same, is pro- 
tected, although the money is lost by 
or stolen from the infant and never 
reaches the principal. 

Payment to Incompetent 

A ''trusty" in a hospital for treat- 
ment of the insane had earned and 
deposited in a bank a considerable 
sum of money. The bank questions 
its right to allow the depositor to 
withdraw any of his deposit. Opin- 
ion: The bank should make payment 
only to the legally appointed guard- 
ian. It would be unsafe to pay the 
"trusty" who has been judicially de- 
clared insane and has not been dis- 
charged as cured. 

Post-dated Notes 

If a bank takes a post-dated note 
and the maker dies or becomes bank- 
rupt before the day of its date, can 
the bank enforce collection? Opin- 
ion: A post-dated note is negotiable 
before its date and if before maturity 
the maker dies or becomes bankrupt, 
the bank would have the same re- 
course against his estate as in the case 
of any other note which it acquires 
before maturity. 
Signature to Partnership Note 
Is it correct for a firm to sign a 
note "Jones & Smith," or should the 
individual name of one of the mem- 
bers be added thereto, preceded by 


Opinion: The signature 

"Jones & Smith" is perfectly valid 
without the suffix "per John Smith" 
to indicate the particular member 
who signs the firm name. But in 
view of the likelihood of the signa- 
ture being disputed, it might be pref- 
erable to have the suffix to make it 
easier to prove genuineness. 

Seal of Corporation 
How does the presence or absence 
of a seal affect a note? Opinion: 

Unless the charter or governing stat- 
ute requires it, the act of a corpora- 
tion need not be evidenced by its cor- 
porate seal, except where a seal 
would be required in the case of indi- 
viduals, and of course an individual 
note does not require a seal. Under 
the Negotiable Instruments Act the 
validity and negotiability of a note is 
not affected by the presence of a seal. 

Provision for Payment in 
Gold Coin 

Can the holder of a note payable 
in "United States gold coin of the 
present standard of weight and fine- 
ness" require payment in t^at medi- 
um? Opinion: Apparently the pro- 
vision for payment in gold coin is 
specifically enforceable. 

Payment to Agent Without 

The purchaser of a cream separator 
gave the company selling the same his 
note of $60. The company's agent, 
who had authority only to sell, col- 
lected payments on the note, receipted 
therefor, but did not account to his 
principal. The company sought to 
hold the purchaser on the note. Opin- 
io/!: Authority to the agent to sell 
did not include implied authority to 
collect the note unless the company 
intrusted the agent with the possession 
of the note. Payment to the agent 
was at the purchaser's risk, unless he 
can prove that the agent had actual 
or ostensible authority to receive pay- 
ment without having possession of 
the note. 

Savings Pass-book Not Nego- 

Is a savings pass-book a negotiable 
instrument in Massachusetts? Opin- 
ion: A savings pass-book is clearly 
not within the definition of a nego- 
tiable instrument, contained in the 
Negotiable Instruments Act. The 
rule that it is not such an instrument 
applies in Massachusetts as elsewhere. 

Bankitaly Life 


When Assignee Cannot Hold Bank 

A depositor of a savings bank with- 
drew from his account of $500 the 
sum of $100, but, contrary to the 
rules printed in his pass-book, the 
withdrawal was not entered therein. 
He then assigned the book, showing 
a balance of $500, to Bank A, which 
cashed his check for $500. The sav- 
ings bank admitted liability only to 
the extent of $400. Opinion: B:.nk 
A is the loser of $100 unless it can 
recover that amount from the depos- 
itor. The savings bank is not liable, 
because the pass-book is not a nego- 
tiable instrument and Bank A took 
no greater rights than the depositor. 

Power of Attorney to Sell 

A promissory note was given with 
collateral security coupled with a 
power of attorney to the holder to 
sell the collateral. Before the sale 
the maker died. Opinion: The power 
of sale, being an authority coupled 
with an interest, is not revoked by the 
maker's death. 

Liability of Maker of Collateral 
Note for Deficiency 

A bank asks whether the maker of 
a note, with collateral security, 
would be held responsible for the bal- 
ance due in case the collateral depre- 
ciates below the face amount of the 
note. Opinion: When securities are 
sold and they do not equal the amount 
of the note for which they are pledged 
as collateral, the holder has a good 
cause of action against the maker for 
the balance due on the note. 

Oral Pledge of Life Insurance 
Policy as Collateral 

A bank inquires whether delivery 
of a life insurance policy to Brown 
without written assignment was suffi- 
cient to vest title as pledgee in him. 
Opinion: A policy of life insurance 
is a chose in action, and the in- 
sured, if the insurance is payable to 

him, or, in the event of his death, to 
his personal representatives, may as- 
sign the same, unless the assignment 
is prohibited by statute. According to 
the authorities, the assignment to 
Brown was valid, and he would be 
entitled to the proceeds. 
Indorser on Forged Check Liable 
Without Demand, Protest 
or Notice 

What steps must be taken to pre- 
serve the liability of an indorser on a 
forged check? Opinion: A forged 
check is not properly protestable nor 
is demand and notice of dishonor nec- 
essary to hold an indorser who is 
liable to an indorsee as warrantor of 
genuineness. An agent holding such 
paper is duly diligent by giving notice 
of the forgery within reasonable time. 
Telephone Demand for Payment 

Is a demand of payment of a nego- 
tiable instrument over the telephone 
by a notary sufficient to justify a 
protest? Opinion: The presentment 
is insufficient, the law requiring per- 
sonal attendance with the note at the 
place of demand, in readiness to ex- 
hibit it, if required, and to receive 
payment and surrender it if the debtor 
is willing to pay. 

Protest of Check Against 
Savings Account 

Can a check drawn against a sav- 
ings account without pass-book ac- 
companying be legally protested? 
Opinion: If the check is in nego- 
tiable form it would be protestable, 
but if the check had on its face "on 
presentation of my pass-book," then 
it would be non-negotiable and not 
subject to protest. 

Conflict in Instructions 
A draft is marked, "No protest," but 
the letter of instructions reads, "Pro- 
test all items $10 and over unless 
marked X," and there is no X marked 
on the letter opposite the listed item. 

■Bankitaly Life 


Opinion: It is safer for the collect- 
ing bank to be governed by the letter 
of instructions, as they are the in- 
structions from the immediate prin- 

Meaning of Waiver of "Protest" 

Does a waiver of "protest" also 
constitute a waiver of presentment 
and notice of dishonor? Opinion: 
The Uniform Negotiable Instruments 
Act expressly provides that "a waiver 
of protest, whether in the case of a 
foreign bill of exchange or other nego- 
tiable instrument, is deemed to be a 
waiver not only of a formal protest, 
but also of presentment and notice of 

Right of Set-off of Past Due 
Notes Against Indorser 

A bank asks whether it has author- 
ity to charge notes which are past due 
against the indorsees account. Opin- 
ion : The law gives such right where 
he has been duly charged with liabil- 
ity. This is on the principle of set-off. 
The indorser owes the bank on the 
note and the bank owes the indorser 
on deposit account. The law allows 
the bank to set off one against the 
other and call the balance the true 
debt. Of course, this principle does 
not app'y when the note has not 

Drawer Liable to Innocent 

John Doe purchased from a stran- 
ger an automobile appliance, giving 
his check of $50 in payment. Having 
become dissatisfied with the article, 
he stopped payment. In the meantime 
a bank in good faith cashed the check 
from the stranger, and John Doe re- 
fuses to pay the amount. Opinion: 
A bank which in good faith purchases 
a check from the payee without notice 
of any defense thereto is a holder in 
due course and can hold the drawer 
liable for the full amount thereof, 

free from his defense against the 

Warehouse Receipt Issued to 
Owner on Ws Own Goods 

Should a warehouse company be 
organized and operated as a separate 
concern for the purpose of issuing 
negotiable warehouse receipts? Opin- 
ion: The courts have repeatedly held 
that a man cannot be a warehouse- 
man of his own goods; that is to say, 
a receipt issued by a concern upon its 
own goods would not be a valid ware- 
house receipt. It is only warehouse 
receipts issued by persons engaged in 
the business of warehousing for profit 
that constitute valid warehouse re- 

The Precursor of a Class in the 
American Institute of Banking 

Teacher: "What's a hobby, lad?" 
Boy: "That's something at which 
men work more than union hours, 
without being paid for overtime." 


Bankitaly L i f 


General Business Letters 

Some Valuable ''Pointers" j or Bankers 
By Edward Hall Gardner, M. A. 


1. Importance of letters. The in- 
creased importance of letters in the 
business field has made it necessary for 
every business man to understand how 
to writel and to use them, if he is to 
keep abreast of modern methods. 

2. Improvement in letters. Until a 
few years ago, most letters were writ- 
ten with small attention to their ap- 
pearance or their composition. They 
were loaded with errors, and with a 
strange jargon of "stock phrases"; 
they had the awkward brevity of tele- 
grams, omitting pronouns and every 
word not considered vital to the mean- 
ing. Today, a retail customer dealing 
with a good house may well be sur- 
prised if the letters he receives are not 
courteous, tasteful in appearance, and 
clearly written in good English. 
When he sends in an order, he usually 
receives such accurate and intelligent 
correspondence about it, and any diffi- 
culties are smoothed out so tactfully, 
that he may well feel more at ease 
when buying by mail than when buy- 
ing in person. The excellent practice 
of the large houses is spreading to the 
smaller ones, and from the retail to 
the wholesale field. In one depart- 
ment of business after another, poor 
letters are becoming the exception, 
and good letters the rule. 

3. Improvement due to increase in 
numbers. What are the reasons for 
this general reform? 

First comes the enormous increase 
in the number of routine letters, 
caused by the distance between buyer 
and seller. The growth of commerce 
and the improvement of communica- 
tion by railroad, telephone, telegraph, 
and post-office systems have made it 
possible for wholesaler and retailer, 
manufacturer and jobber, retail cus- 

tomer and mail-order firm, though 
living at great distances, to do busi- 
ness successfully with each other. 
Letters perform nearly all of this 
service. They are the shuttles that fly 
back and forth to weave the web of 

4. Value as records. Even where 
the distance is not so great, and where 
the telephone would serve, the letter 
has preference, because it gives a 
record of the transaction. The carbon 
copy is filed by the sender and the 
typewritten original is put on file by 
the receiver. Without this easy and 
safe way of insuring that each detail 
of the transaction is available for im- 
mediate reference, modern business, 
so enormous and complex, could not 
be carried on. 

5. Improvement in sales letters. 
The second cause for the reform in 
business correspondence is the increase 
and improvement of sales letters. For 
the cost of a single visit by a salesman 
several hundred letters may be sent 
out, and each may be made nearly as 
effective as a personal visit. The work 
achieved by these letters has been the 
marvel of the business world. Every 
merchant has seen the power of a 
message that can be sent cheaply and 
surely, straight to the hand of the 
prospective customer; and from the 
retailer who sends out two or three 
seasonal announcements, to the house 
that solicits all its new business by 
mail, sellers of every type have em- 
ployed the postage stamp as their 
salesman. Sales letters have shared 
the improvement that has come to 
every form of advertising, until now 
no pains are thought too great to make 
them conform to the highest standards 
of attractiveness and effective writing, 
so that they may perform their work 

6. Influence upon the routine letter. 
The improved sales letter has had an 
influence upon the letter which trans- 

Bank Italy Life 


acts routine business. The vast and 
intricate mechanism of correspondence 
already existed between the seller and 
the buyer. Why should not every 
routine letter be regarded as the per- 
sonal representative of the house, and 
be written so well that it would make 
a friend of the reader? 

Today this possibility is well estab- 
lished as the opportunity of business 

Care can be taken not only to write 
the letter clearly and correctly, but to 
insure that it is neat and attractive in 
appearance ; to make it not only con- 
cise and intelligent in transacting its 
business, but also vigorously interested 
in the welfare of the customer and 
eager to show him every considera- 
tion. The routine letter can com- 
municate the personality of the house 
as well as its own subject matter, 
making the reader feel that the writer 
is a man and not a machine. The aim 
of the house can be to give service in 
each transaction and to express the 
spirit of that service so clearly in 
letters that the buyer will have in- 
creased confidence in the seller ; and 
the seller will be able to rely more 
fully on the good faith of the buyer. 

On the one hand, this idea was the 
outgrowth of competition ; of the de- 
mand that each unit of the business 
mechanism possess the greatest effect- 
iveness. On the other hand it was the 
expression of the fact that Americans 
live in their business and strive to 
make it a pleasant life. It is certain 
that this new spirit has become one 
of the most potent influences in mod- 
ern business, and that letters have 
been the chief agent of its expression. 

7. Need for system. If letters are 
to be well written they must be sys- 
tematized. They are too numerous in 
any business to be handled intelli- 
gently if they are regarded as a mass 
of haphazard units. Think how many 
letters are required to complete each 

selling operation. Before a house can 
sell to a new customer on credit it 
must ascertain his financial standing. 
If the information given in Dun's or 
Bradstreet's is not sufficient, a letter 
can be written to the man himself, 
asking details about his business, or 
to reputable merchants in his neigh- 
borhood or to banks which know him. 
When he makes remittances, or if he 
does not make them according to the 
terms agreed upon, or if misunder- 
standings arise, letters of acknowledg- 
ment, of collection, or of explanation 
must be written. All these require so 
much tact and so much knowledge of 
the customer, of credit policies, and of 
the business of the house, that in a 
large business a separate department 
of credits and collections is given the 
sole charge of them. 

Again, when an order is sent in, it 
must be acknowledged, and the prob- 
able date of its shipment indicated. 
If the house does not stock any part 
of the order, or is temporarily out of 
it ; if it must delay shipment for any 
other reason, or substitute an article 
on its own responsibility ; if some 
part of its complex mechanism is out 
of gear and the order is overlooked, 
wrongly selected, missent, or care- 
lessly packed ; if in traveling by 
freight or express it becomes damaged 
or lost ; if the customer refuses to 
accept the goods or wishes to return 
part of them — for any of these reasons 
letters must be written adjusting mat- 
ters to the satisfaction of both parties. 

Or if a wholesale house has sales- 
men on the road and regular cus- 
tomers scattered over a territory, from 
time to time it will need to announce 
new prices or changes in policy, in 
goods carried, in the members of its 
force, or in location ; letters must be 
written about facts in its business 
which salesman or customers need to 

8. Classifying correspondence. Be- 


— B a n k i t a I y Life 


cause these situations constantly recur 
they can be analyzed and provided 
for, and principles laid down with 
reference to them. Then as problems 
in letter writing arise the correspond- 
ent can classify them — first according 
to the large divisions, such as sales, 
adjustments, collections, and the like; 
then according to the typical situa- 
tions under them. Thus he writes 
more rapidly and confidently. 

In a large house, where a separate 
department has charge of each division 
of the correspondence, and problems 
of different kinds are assigned to dif- 
ferent individuals, the careful classi- 
fying and exact handling of corre- 
spondence is seen at its best. But 
there is no reason why the smaller 
business should not show equal skill 
in systematizing its letter writing, if 
it will become familiar with the nec- 
essary principles. 

9. Know your business. To become 
a successful correspondent, first ac- 
quire a deep, thorough familiarity 
with your house and its goods. Fol- 
low the goods through the process of 
manufacturing and become acquainted 
with their use, so that you have confi- 
dence in them. Understand the house 
organization so that you can appre- 
ciate its policies and know the value 
of the men comprising it. To do this 
is to become a loyal member of the 
house and to develop an enthusiasm 
that will show in all the letters you 

10. Know your customers. Second, 
know your customers, who they are, 
what they want, and how they live. 
One large house doing a mail business 
with retailers sends its letter-writing 
salesmen out to visit its customers, to 
study their needs and form friend- 
ships with them. To understand peo- 
ple in this way and to write to them 
understandingly requires imagination ; 
but everyone can have imagination to 
some degree. The "narrowing effect" 

of business is not seen in the chiefs of 
the business world because they have 

11. Cultivate primary virtues. 
Third, cultivate the primary virtues 
of sympathy, patience, genuine cour- 
tesy, and kindliness. No letter writer 
can succeed unless he deliberately and 
of set purpose practices these qualities ; 
for without their aid he cannot write 
a cordial and courteous reply to a 
letter that irritates him— and to write 
such letters is an every-day necessity 
in business. A virtue is as easy to 
cultivate as a vice. 

12. Be sincere. Fourth, be abso- 
lutely and obviously sincere. False- 
hood is bound to discover itself and 
discredit the user, so that he loses 
forever the hold he wishes to gain on 
his customers. The advantages he 
thinks to gain by a plausible trick 
will be secured only with careless 
readers, and a reputation for unre- 
liable dealing is hard to live down. 
Any appearance of insincerity is par- 
ticularly dangerous in business done 
by mail, for the customer's distance 
from you gives him small chance to 
reform his impressions of you. 

13. Aim at personal style. Fifth, 
aim at a "personal quality" in your 
style, in order to convey an impres- 
sion of sincerity and of interest in the 
person addressed. To secure this 
quality, follow two general prin- 

(a) Imitate the tone of conversa- 
tion. Write as cordially and person- 
ally as if you were face to face with 
your correspondent. Avoid formal, 
set phrases. Use a vocabulary full of 
interesting words. Employ direct 
questions. Address the reader as 

Warning. But letters must -always 
be more dignified than conversation. 
In an interview, the expression of the 
speaker's face helps to explain the 
meaning of his words;. his smile cor- 

■B a n k i t a I y L i f e 


rects a possible impression of rudeness 
or curtness. If he sees that the other 
man misunderstands him he can offer 
immediate explanation. Letters have 
not that aid and so must avoid over- 
familiarity for fear it will be mis- 
understood. Likewise they must avoid 
humor, for fear it will be taken for 
sarcasm. Letters must be more com- 
pact than conversation ; the shortest 
interview is longer than a letter en 
the same subject would need to be. 
To use a personal style does not mean 
that the writer need compose long 
letters. And, finally, letters must be 

more direct than conversation ; they 
must state the subject at once and 
pass from point to point with a rapid- 
ity that would be curt in a spoken 

(b) Imitate the social letter. Since 
ordinary letter writing between 
friends has, through centuries of 
practice, developed a form and style 
that most nearly reproduces on paper 
the courtesy and personal quality of 
face-to-face intercourse, it is natural 
that business letters follow the style 
of social letters as far as they can. 


At first glance one might imagine the above to be an inscription from the tomb 
of the Egyptian King "Tut," but no, it is a picture of the will of a Chinese client 
taken from the public records, in which he disposed of his money on deposit with 
the Bank of Italy. His name was Jew Wong and he left his estate to Jew Wong 
She, his wife. The witnesses to Jew's will were examined in the Probate Court by 
a Chinese attorney, causing a pioneer resident who was present to remark "it is 
a far cry from the days when Chinese were often assaulted in some western cities, 
to the time when a full-blooded Chinese lawyer would be pleading for his people 
at the bar of a California court of justice." We are indebted to George V. 
Mulligan, trust department, for a translation of this will into pure English. 


■ Bankitaly Life 



Suing on a Promissory Note at 
Sacramento, in Early Days 

Jos. Giannini, Asst. Cashier, Loan 

Dept., Head Office, Submits 

Historic Article 

"Baker, you know 
everything but law." 
It was the elder 
Baldwin who spoke, 
a master mind in 
legal science. It was 
in the long ago, and 
he was rallying no 
less than Edward D. 
Baker, even then 
famed at the bar 
and in arms. Baker 
had held a brilliant place at the bar 
of Illinois, among those to whom he 
afterwards pointed (with a modesty 
that excluded himself) as "the pride 
and boast of the Mississippi Valley." 
He had won distinction in Congress, 
and as a soldier in the war with Mex- 
ico^ Now," early in the "Fifties," 
having established himself in law 
practice in San Francisco, he had 
gone to Sacramento, the capital, on a 
professional visit. It was his first 
appearance in the interior of the 
State. While happiest in criminal 
cases, he was now enlisted in a civil 
trial. The plaintiff was the well- 
known lawyer, Joseph W. Winans, 
suing Hardenberg & Henarie, of the 
Orleans, Hotel, to recover $3,000 on 
a promissory note given for legal 
services. The defense was made by 
only one of the partners, who said the 
note was executed by the other after 
the partnership was dissolved. But 
the other partner testified to the con- 

Baker was for the defense. He 
made a splendid effort to uphold a 
lost cause. In spite of the evidence 
he at least upheld his own fame for 
ingenuity and eloquence. But the 

plaintiff obtained a verdict, and the 
judgment thereon was affirmed on 
appeal. The trial below was before 
Hon. A. C. Monson and a jury. 
George Cadwalader, who had just 
come to the bar, was the lawyer who 
had the honor of the triumph. It 
was on this occasion that Joseph G. 
Baldwin, who had witnessed Baker's 
felicitous performance, accosted him 
with the opening words of this article. 
And the witty Southron followed 
them with a specimen of that infec- 
tious laughter that was his alone. 

There was no political campaign 
pending just then, but the Sacramen- 
tans were bound to hear Baker out- 
side the court room. They called him 
out on the lecture platform. He gave 
them "Books." He was full of his 
theme, and Baldwin was perhaps the 
most appreciative and most charmed 
of all his auditors. But the next day 
the Virginian had another sally for 
the lecturer on "Books." "Baker," 
he said slowly, "you know everything 
about books — except law books." 

Baker's life was brilliant and rest- 
less. He was a U. S. Senator from 
Oregon and when the Civil War 
broke out, he raised a regiment, but 
fell gallantly and gloriously in his 
first fight, on October 21, 1861. 
Twelve years before his death he 
wrote a pathetic little poem "To a 
wave," the closing lines of which are: 

I, too, am a wave on a stormy 

I, too, am a wanderer, driven 

like thee; 
I, too, am seeking a distant land, 
To be lost and gone ere I reach 

the strand ; 
For the land I seek is a waveless 

And they who once reach it 

shall wander no more. 

19 2 4] 

•Bankitaly Life 



By David F. Jordan, B. C. S. 
Economic Theory of Investment 

Capital a necessity for modern busi- 
ness. — Modern business without the 
use of capital would be impossible. 
A common steel writing pen, the price 
of which is the smallest unit in our 
monetary system, is the finished 
product of a sequence of industries 
representing the investment of over a 
billion dollars, since the United States 
Steel Corporation, from which the 
raw material was probably procured, 
alone has a capitalization in excess of 
this amount. A Ford automobile may 
be purchased for less than five hun- 
dred dollars, because an annual pro- 
duction of nearly a million similar 
cars is made possible by the invest- 
ment of over a hundred million dol- 
lars. The Pennsylvania Railroad 
Company, the General Electric Com- 
pany, the wonderful Metropolitan 
subways, and other enterprises beyond 
enumeration would have no existence 
were it not for enormous capital in- 

The very nature of present day 
commerce requires that every industry 
have a certain capital investment. A 
plant must be secured and equipped, 
a supply of raw materials obtained 
and an ample working capital pro- 
vided. The amount needed for these 
purposes must be supplied in order 
that production may be started and 
maintained. The investment may 
vary from a few dollars to more than 
a billion in the case of the individual 

The industrial trend to large 
scale production and its incidental 
economies has rendered capital of in- 
creasing importance. Two companies, 
the United States Steel Corporation 
and the General Motors Corporation, 
have each a capitalization of over one 
billion dollars; a great many Ameri- 
can railways and industrial corpora- 

tions have in excess of one hundred 
million dollars; and literally hundreds 
have over one million dollars capital 
invested. Competition of the keenest 
character has compelled each of these 
companies to offer their products at 
the lowest unit selling price. Gener- 
ally speaking it is possible to lower 
the selling price per unit as the total 
production of units is increased. The- 
oretically there is a limit to this prop- 
osition, known in Economics as the 
point of diminishing returns, to which 
point, however, few modern firms 
have progressed. But increased pro- 
duction goes hand-in-hand with in- 
creased investment, and that corpora- 
tion which is limited, in the procure- 
ment of additional capital has found 
itself severely handicapped in its busi- 
ness activities. "The Romans fought 
with steel for gold ; we are fighting 
with gold for steel." 

The supply and reward of capital. 
— Since, then, capital is in such de- 
mand, from what sources is it to 
come, and what shall be the reward 
for those who supply it? Only those 
people can supply capital who have a 
surplus over their present require- 
ments. The present requirements of 
most people vary and few there are 
indeed who have sufficient accumula- 
tion to cover present desires which 
are often believed to be synonymous 
with requirements. But because there 
is a decided difference between desires 
and requirements, between imagined 
essentials and actual present needs, a 
great many people have accumulated 
a surplus of capital. The English 
economists of the middle nineteenth 
century believed the income these 
people received from the investment 
of this surplus to be a "reward for 
saving." This is true in many cases 
but scarcely applies to the income 
derived by those people whose accu- 
mulation is so large that a surplus 
remains even after gratifying every 


Bankitaly Life 


present desire. A more logical reason- 
ing which is generally accepted today 
has been advanced in comparatively 
recent years by Dr. Boehm-Bawerk, 
who states that such income, or inter- 
est, arises from the basic fact that 
present goods are worth more than 
future goods and the difference is 
interest. In other words, those people 
who have acquired a surplus in the 
present but who are willing to post- 
pone the use of the surplus until a 
future time are entitled to compensa- 
tion from those to whom they may 
transfer temporarily the use of the 

A thousand dollars is a thousand 
dollars. But there is a decided differ- 
ence between the value of a thousand 
dollars payable today and the value 
of a thousand dollars payable five 
years from today. The present value 
of the thousand dollars payable five 
years from today is considerably less 
than a thousand dollars. Most people 
overlook this fact when advancing 
capital to enterprises and are satisfied 
to accept the return of the same 
amount in the future that they ad- 
vance in the present. The interest 
which is received during the period 
of investment is the constant adjust- 
ment of present to future value. 

All savings are invested. — Invest- 
ment has been defined as the lending 
of money at interest, or its exchange 
for property rights from which a 
profit is expected. In the final analy- 
sis the amount of money available for 
investment cannot exceed the savings, 
or surplus, of the people. While the 
payment of an investment at maturity 
actually does provide funds for rein- 
vestment, such payments are regarded 
as transfers rather than as new invest- 
ments. And in addition to the fact 
that the capital available for new en- 
terprise cannot exceed the savings, it 
may be stated that the amount saved 
and the amount invested tend to be 

equal. Except for the insignificant 
amount of savings that is hoarded, 
there is really no such thing as "idle 
money." An individual may have 
money lying "idle" at the bank, but 
such a condition is pertinent to him 
only. Practically all the funds of the 
bank, outside of a small reserve, are 
invested at all times. A thoughtful 
opinion is that such "idle" money is 
the hardest-worked money in the 

Staff Appointments and Pro- 

Evidence of the progressive growth 
of the Bank of Italy's statewide organ- 
ization is presented in a most graphic 
manner by the announcement of ap- 
pointments and promotions in the 
staff, immediatelv following New 

The San Francisco group, because 
of its larger numbers, has seen a 
greater measure of change than others. 
Fred Kronenberg, vice-president, 
comes to head office from the Market- 
Geary branch. A. Kleinhans, vice- 
president, continues his official activ- 
ities at Market-Geary branch, to 
which E. S. Zerga was transferred as 
assistant manager, and H. Campana, 
assistant cashier. F. R. Kerman, pub- 
licity manager, has been appointed 
assistant vice-president, at the head 

To fill the vacancy occasioned by 
the transfer of Hector Campana from 
his assignment as controller of the 
bond department, C. P. Anderson has 
been appointed acting controller. At 
the same time, announcement was 
made by the bond department that 
J. N. Maclntyre would become assist- 
ant manager, with headquarters in 
San Diego. 

Establishment of a central real 
estate loan department, with A. W. 
Hendrick as manager and E. C. Aid- 
well, assistant manager, has been ac- 

Bankitaly L i f 


complished. This is a new departure 
in the plan of organization, instituted 
to permit greater coordination. In the 
auditing and inspection department, 
W. D. Yealland and W. L. Vincent 
were officially confirmed as inspectors, 
while attest of the development of 
the women's banking department ap- 
peared in the appointment of Miss 
M. V. Musgrove as assistant cashier. 
The Bank of Italy now has eight 
women as officers, Mrs. Phebe M. 
Rideout as chairman of the advisory 
board at Marysville and Oroville ; 
Mrs. E. D. Knight and Miss Grace 
S. Stoermer, directors of the women's 
banking departments in San Francisco 
and Los Angeles respectively; Miss 
S. S. Oddie and Miss M. B. Gibbons, 
assistant directors; Miss Jule M. 
White, Miss Inez L. Hyde and Miss 
M. V. Musgrove, assistant cashiers. 

E. J. Mullin and M. D. Filippi, 
formerly assistant cashiers of the Sun- 
set and Excelsior branches respective- 
ly, have been promoted to the office 
of manager. J. C. Bonzani, Mission 
branch, and D. A. McNulty, Market 
and Castro branch, both become as- 
sistant cashiers, and Alfred Fenton, 
inspector, who has been a member of 
the personnel committee, takes office 
as assistant personnel officer. 

In Los Angeles, where the rapid 
development of the Southern Califor- 
nia Headquarters organization has 
attracted such general attention, there 
have been many additions to the exec- 
utive staff. W. H. McGinnis, Jr., 
has been appointed manager of the 
business extension department, South- 
ern California Division, while H. A. 
Nater, assistant vice-president, has 
been transferred permanently to that 
field. The trust department has added 
to its complement of officers, through 
the appointment of John R. Moore as 
assistant trust officer, Broadway 
branch, and Leon Keys in a similar 
capacity at International branch. 

L. M. MacDonald, vice-president, 
and J. E. Lyons, chief clerk, have 
transferred their activities to our affil- 
iation, the Commercial National Bank 
in Los Angeles. Mr. MacDonald was 
formerly in charge of the banks and 
bankers department at head office, 
while Mr. Lyons occupied the position 
of manager transit department, head 
office, prior to his assignment as chief 
clerk of the Los Angeles branch, last 

At Los Banos, E. W. Thiercof, 
who has served as vice-chairman of 
the advisory board, has been appointed 
manager. The decision to place S. C. 
Cornett, formerly Los Banos branch 
manager, at the Salinas branch as 
vice-chairman of the advisory board, 
paved the way for Mr. Thiercof's 
promotion. Concurrent with this re- 
alignment, E. Place was made assist- 
ant cashier at Los Banos. 

L. V. Bennett, who has been assist- 
ant cashier at Bakersfield, will become 
assistant trust officer at San Diego, 
and A. C. Dimcn, assistant manager, 
together with J. D. Lumis, assistant 
cashier, both of Bakersfield, will share 
the duties of assistant trust officers in 
that city. At the same time, the San 
Jose organization has been augmented 
by the appointment of J. Y. Somav'a 
as assistant cashier. 

The changes and promotions, au- 
thorized by the executive committee, 
in these announcements, represent sub- 
stantial recognition of demonstrated 

"Here, conductor!" yelled the pas- 
senger on a southern train. "That 
was my station, suh ! Why didn't 
you step there, suh?" 

"We don't stop there no more," 
said the conductor. "The engineer's 
mad at the station agent." — Ex. 


Bankitaly L i f 


Our President's Plans 

A. P. Giannini, president and 
founder of the Bank of Italy, has 
announced that on October 17, of 
this year, he will retire from the 
presidency and become Chairman of 
the Executive Committee. 

"I am not retiring from active 
work with the bank. Far from it!" 
said Mr. Giannini. "I merely want 
to relieve myself of administration 
details, so that I may be free to con- 
centrate on major policies. I shall 
continue as president of the California 
Joint Stock Land Bank and Bancitaly 
Corporation, and in addition preside 
over sessions of the executive, finance 
and loan committees." 

The date set for Mr. Giannini's 
retirement from the presidency marks 
the close of exactly 20 years of service 
with the bank. During the period of 
his administration, the Bank of Italy 
has grown from the Baby Bank of 
the Pacific, to eighth in size in the 
United States. The policies that he 
has introduced have won for him an 

international reputation and have 
marked a new era in the development 
of American finance. As the nation's 
chief exponent of statewide branch 
banking, he has created an organiza- 
tion that covers California's commer- 
cial, industrial and agricultural cen- 
ters, and has played a leading role in 
the economic transformation of the 
Golden West. 

Announcement of Mr. Giannini's 
intention was first confirmed at the 
annual meeting of the Bank's stock- 
holders. On that occasion, he told of 
his decision to step aside from the 
presidency, in order that the office 
might be open for someone selected 
from the present executives. "My 
action is so timed," he said, "that the 
bank will be able to make a birthday 
present to itself and to the one on 
whom the office will be conferred. It 
has always been my belief that a man 
should not stay with a job until he 
drops. He should get out at a time 
when he can be useful in some other 

In line with his policy of advanc- 
ing other members of the organiza- 
tion, Mr. Giannini announced the 
selection of four new members of the 
Board of Directors. These men are 
all Vice-Presidents of this bank and 
their appointment comes as recogni- 
tion of faithful and efficient service. 
Those selected are : W. W. Douglas, 
A. J. Mount, Leo V. Belden, and 
A. J. Gock. In addition, E. C. Aid- 
well, Vice-President of the California 
Joint Stock Land Bank, was formally 
elected to the board, to succeed John 
Lagomarsino of Ventura, whose death 
occurred recently. W. E. Blauer, 
Vice-President of the Bank at San 
Jose, and A. J. Ferroggiaro, Vice- 
President at the Montgomery Street 
Branch, whose election to the Board 
was announced a short time ago, were 
both officially seated, at the stock- 
holders meeting. 

•Bankitaly Life 


A brief report, showing the prog- 
ress of the bank during 1923, was 
presented to the stockholders, by Mr. 
Giannini. The substance of his re- 
marks is included in the following 

During the year 1923 resources of 
the Bank of Italy have increased from 
$254,000,000 to $301,000,000. De- 
posits have increased from $229,000,- 
000 to $281,000,000. This is an in- 
crease in deposits of $52,000,000. Of 
the increase $12,000,000 in deposits 
are from banks purchased and $40,- 
000,000 represent actual growth, ex- 
clusive of any increases by consolida- 
tion with other banks. 

During this same period the num- 
ber of depositors has increased from 
401,000 to a present total of 485,000. 
This is an increase of 84,000 in num- 
ber of depositors, of which 20,000 are 
depositors in banks purchased and 
64,000 are new depositors acquired 
directly by the Bank of Italy. 

Banks acquired by the Bank of 
Italy and converted into branches 
during the year are as follows: 

Colma, Compton, Long Beach, 
Pine Avenue, North Long Beach, 
Petaluma, Ontario, Salinas, Vaca- 
ville, Watsonville, Bay View Branch 
and Fillmore-Post Branch of San 
Francisco and Broadway Branch of 
Los Angeles. 

The bank has 13,300 shareholders. 
Net profits for the year after taking 
into consideration all charges off for 
losses and other special items amount- 
ed to $2,737,000. Dividends were 
paid by the bank of $1,650,000. (This 
with a dividend of $352,500 from 
the Stockholders Auxiliary Corpora- 
tion, made a total dividend payment 
to shareholders of $2,002,500.) Un- 
divided profits and interest earnings, 
after allowing for these entries of 
earnings and dividends, increased 
from $2,529,000 to $3,616,000. 

The Bond Business 

By Frederick Peirce, B. S. E. 

According to the accepted economic 
definition all goods, property and 
commodities constitute wealth. The 
latter is divided into two classes. The 
first is unproductive and includes un- 
developed real estate, residences, 
pleasure cars, works of art, and all 
articles used or consumed in the com- 
fort and enjoyment of mankind. Such 
things have both actual and exchange 
value but since they do not in them- 
selves contribute to the increase in the 
world's stock of goods, are simple 
wealth. The second or other class 
includes factories, machinery, rail- 
roads, ships and all property which in 
any way aids in the manufacture or 
creation of additional commodities. It 
is productive wealth or capital. Cap- 
ital, then, is that part of wealth which 
is used to produce other wealth. This 
use may be either by its owner or by 
some one else to whom it is loaned. 
Therefore one man's wealth may 
serve as another man's capital. 

Since all goods can not conveniently 
be passed from hand to hand, from 
one owner to another, or from a 
lender to a borrower, it is necessary 
to have a recognized standard of value 
or medium of exchange. Owing to its 
superior advantages this standard, in 
practically all civilized countries, is 
gold. For the purposes of appraise- 
ment, exchange or loan, then, wealth 
is expressed in terms of the gold dol- 
lar or its equivalent. 

Because capital has the power of 
reproduction its use has an exchange 
or rental value which is called inter- 
est. The productivity of capital de- 
pends upon the efficiency with which 
it is employed. Consequently the rate 
of interest that may be charged is 
based upon the relative productivity 
of capital at a given time in conjunc- 
tion with the degree of risk to which 
it may be subjected. 

page twenty-two Bank Italy Life 


Capital that is loaned is usually 
evidenced by interest bearing obliga- 
tions such as notes or bonds. If, on 
the other hand, it is supplied by two 
or more owners jointly, and used by 
them directly, it is generally repre- 
sented by partnership shares if the 
association is unincorporated, or if 
incorporated, by evidences of propor- 
tionate interest called stock certifi- 
cates. The stockholder is an owner 
and entitled to profits or dividends if 
earned, while the bondholder is a 
creditor and entitled to interest on 
the money he has loaned. 


Since the bondholder is a creditor, 
he has first claim on the assets up to 
the full amount of his claim and in 
accordance with the terms of the 
agreement. He likewise has first call 
on the surplus earnings from opera- 
tion up to the amount of the annual 
interest accruing to him, and to the 
amount of his principal at the matur- 
ity of the loan. The stockholder 
assumes the operating risk but is en- 
titled to the profits of the business 
after the claims of the bondholder are 

Surplus wealth accumulates most 
rapidly in the older, richer and more 
developed sections of country or lines 
of industry where it is least needed. 
Its tendency there is to become less 
productive or idle and its loan value 
of rate of interest to decline. Capital 
is in greatest demand in the newer 
and undeveloped places or industries 
where there has been least opportunity 
for surplus wealth to accumulate. On 
account of the profitableness with 
which it can here be employed, the 
tendency is for its loan value to in- 
crease. Capital is constantly seeking 
investment opportunities and vice 
versa. Supply and demand tend to 
equalize and the resultant is a normal 
rate of interest. This equilibrium is 
often upset by abnormal conditions. 

Thus when the supply of available 
funds exceeds the demand, interest 
rates decline, and when the demand 
exceeds the supply, interest rates rise 
exactly as does the cost of commod- 
ities under similar conditions. How- 
ever, every action in one direction 
must inevitably be followed by a pro- 
portionate reaction or compensating 
movement and the normal is reached 
whenever the opposing forces ap- 
proach a balance. 

The Bank of Italy School Savings 

By Philip J. Lawler, 
Manager School Savi?igs Department 
The success of a bank, or of any 
commercial enterprise, is invariably 
measured in terms of its material 
accomplishments. If, in addition to a 
bank's physical achievements, it can 
be shown that one of its principal 
functions embraces an economic activ- 
ity that helps to insure contentment 
and thereby promotes the general 
welfare, it must be conceded that such 
a bank is more than a mere custodian 
of money, or a medium for facilitat- 
ing the exchange of funds. 

In December, 1904, nineteen years 
ago, when the Bank of Italy, in San 
Francisco, prepared its first semi- 
annual balance sheet, it had resources 
of less than three hundred thousand 
dollars ($300,000). Today, its assets 
are in excess of three hundred mil- 
lion dollars ($300,000,000). This 
growth, the most remarkable in the 
annals of banking, has had its benefi- 
cent counterparts in many ways, not 
the least of which has been the devel- 
opment in the State of California of 
the Bank of Italy school savings sys- 
tem, that is without a parallel in 

helping to gratify the general 
desire for happiness 

As man's craving for happiness is 
universal, any individual or organi- 

9 2 4] 

Bankitaly L i f 


zation that assists directly or indi- 
rectly in satisfying this human in- 
stinct, is performing an inestimable 
public service. One of the best meth- 
ods, if not the most effective way, to 
promote such a humane endeavor is 
to begin with children, even though, 
in so doing, the purpose to be attained 
may thereby seem to be delayed inter- 
minably. This suggestion recalls a 
question propounded to Benjamin 
Franklin when he demonstrated the 
identity of lightning with electricity. 
"Of what use is it?" he was sneer- 
ingly asked. His apt reply was, 
"What is the use of a little child? It 
may become a man." The importance 
of small things and of phenomena 
seemingly inconsequential, is not dis- 
cernible to the ordinary observer, as 
for instance when Galvani discovered 
that a frog's leg twitched if placed 
in contact with different metals, it 
could scarcely have been imagined, 
particularly by untrained minds, that 
so apparently insignificant a fact 
would lead to very important results. 
Yet therein lay the germ of the tele- 
graph that has bound together the 
intelligence of continents. 

In promulgating the elementary 
principles of economy that, generally 
speaking, concerns so intimately not 
only the future comfort and happiness 
of men and women, but also the wel- 
fare of our nation, what could be 
more logical than to start by teaching 
little children to save and to be 
thrifty, at the same time that they 
are taught their A. B. C.'s. In help- 
ing to impart such frugal habits, it 
must be evident that a spirit of posi- 
tive self-control is likewise developed, 
which in itself and because of its in- 
clusiveness is even more important to 
cultivate than any single economic 
virtue, for self-mastery contemplates, 
among other things, respect for law 
and order, as against disrespect with 
all of its unfortunate by-products. 


The Bank of Italy has been, for 
twelve and one-half years, consistently 
developing savings habits and thrift 
ideas in the minds of the school chil- 
dren, in districts served by its Head 
Office and Branches in California, 
until at this time 875 schools, having 
an attendance of 150,000 children, 
are visited every week, with the reg- 
ularity of an "express train," for the 
purpose of collecting such amounts as 
participating pupils may desire to save. 

Even one cent is accepted as a 
deposit from pupils, who are shown 
just as much consideration by the 
visiting bankers, as are any other cli- 
ents of the bank. Sixty thousand 
(60,000) children throughout Cali- 
fornia, from its northern part, down 
to the Mexican border, now have on 
deposit in the School Savings De- 
partment of the Bank of Italy, nearly 
$1,500,000, an average of about 
$25.00 each. In the accumulation of 
this vast sum, who will question the 
incalculable importance of the lessons 
incidental to thrift, that have been 
learned by children, such as self- 
denial, patience, industry and inde- 
pendence, all of which insure a better 
appreciation of the nobler ends of life 
and of the rights of others. 

The Bank of Italy has proven 
itself a world leader in this very pro- 
gressive economic movement, that has 
always meant more to the child than 
to any bank that has ever undertaken 
it. Then too, in helping children to 
save regularly, in a systematic man- 
ner, a bank unquestionably assists all 
other depositaries by creating a de- 
mand for banks. And in the last 
analysis, by teaching children to save 
during their school years, a bank 
gives aid to the family, the very foun- 
dation of society, whose youthful 
members are encouraged to persevere 
in providential living. 

... . -~- ■ r 

**■ " 



San Xavier Del Bac is the sole survivor of that chain of missions that stretched 

across Arizona three hundred years ago. 




u 2 

en *" 

i * 


y g 


x jS 




Head Office 

Volume 8 


Number 2 


> n 

Scene at the second inauguration of Woodrow Wilson as 
President of the United States, March 4, 1917. Chief Justice 
Edward Douglas White, with raised hand, is administering 
the oath of office and Vice-President Marshall is standing in 
the rear of the Supreme Court representative. Woodrow 
Wilson passed away on February 3rd, 1924, and because 
of his exalted idealism, his broad vision and matchless power 
of expression during the world war, his name seems destined 
to live in the hearts of his countrymen. 


Bankitaly Life 


Mr. Belden 

Look Before You Leap 

Timely Advice* for Investors 

By Leo V. Belden, 
Vice-President of the Bank of Italy 

After about ten 
years of intensive 
publicity and educa- 
tional work on the 
part of banks and 
accredited investment 
houses, the small 
saver and embryo in- 
vestor continues to 
lose his money with 
distressing regularity. 
Is it merely greed- 
iness that is the great 
tempter — that takes 
as gospel the glittering promises of a 
total stranger — that passes unchal- 
lenged the wildest statements and glar- 
ing falsehoods? Or is it simply the 
vanity of the human — the unwillingness 
to confess his lack of intimate knowl- 
edge of finance and affairs by seeking 
expert advice? 

Whatever the reason, millions are 
being taken out of this community and 
in forms from which the discretion- 
dulled speculators will never receive 
the return of a dollar of their prin- 

Dishonest Promotions 
Some promotion schemers are rankly 
dishonest and have collected thousands 
of dollars with no intention of honestly 
undertaking the manufacture of their 
professed "product." 

Others represent companies already 
established in a small way, but with an 
itching palm for the easy money in 
sight. The result is an inflated finan- 
cial structure, an expansion far beyond 
the warrant of their markets, and an 
inevitable crash. 

Another menace to the community 
lies in the pseudo "investment coun- 
sellor." In every office building you 
will see this title on several different 
door plates. Too often it is some loose- 
conscienced former bond man ostra- 
cized from legitimate practice of the 
profession. Frequently it is a gradu- 
ated stock salesman in a disguise better 
calculated to operate on a larger scale. 
Two operations typical of the tribe 
referred to have come to my attention 
recently. One was that of a woman 
who was sold Brazil sterling 4'/2 per 

cent bonds at the full face value of the 
bonds, that were without doubt pur- 
chased in New York at their prevailing 
price of less than half that figure. 

Another case, that of a building 
trades worker, is identical. He bought 
the preferred stock from a nationally 
known concern and paid the par value 
of $50 a share at the very time it was 
selling in legitimate markets at $ I 5. 
In addition he was shown reputed news- 
paper clippings about the company 
paying dividends, although it was not 
paying a cent. 

As a silver lining to this condition it 
may be said that investors such as 
those described sometimes learn their 
lesson at relatively small cost. Un- 
doubtedly their experience makes them 
better investors when they learn the 
proper use for their money and the 
right channels through which to com- 
mit it. 

It is distinctly up to the investor to 
investigate any proposition presented 
to him as well as its price. The law 
presumes his ability to investigate and 
gives him little recourse. The old prin- 
ciple of "let the buyer beware" pre- 
vails, and it is up to him to consult 
those who make finance a legitimate 

There is no excuse for anyone mak- 
ing the sort of silly, unintelligent in- 
vestments of which we have been 
speaking, when on every hand there 
are banks with specialized departments 
for the very purpose of guiding invest- 
ments into safe channels. 

Consult Your Banker 

Every bank is vitally interested in 
preventing funds, especially savings, 
getting into unworthy or dishonest 
enterprises. The eventual loss of such 
money is often disheartening and a 
death blow to the individual's thrift. 

Intelligent investment for the most 
of us depends upon competent advice. 
Even the man of affairs, versed in these 
matters, has neither the time nor facil- 
ities to examine all the minute details 
that make for the safety of a bond or 
of a stock issue. Responsible, experi- 
enced, and conservative investment and 
banking houses are the surest guides 
for investors. 

Too many people with money to 
invest shrink from consulting their 
banker and act without competent ad- 
vice. Do not feel the slightest hesi- 
tancy about going to a banker for 
investment advice. 

9 2 4] 

Bank Italy Life 



Where the Bank of Italy Has Seven 

By Fred E. Reed 

There are ten fundamental reasons 
why cities exist. Some cities have one 
of them, some have seven or eight. No 
city on earth has all ten save Mine. 

Rising, like Naples, gradually from 
the water's edge into hills a thousand 
feet above the sea; varied topographies, 
giving scenic beauty unsurpassed; giv- 
ing, too, a wealth and variety of natural 

parks and playgrounds beginning 

with Lake Merritt, our 160-acre water 
park in the heart of a city, and con- 
tinuing on along a Skyline Boulevard 
(rated by Baedeker third finest drive 
in the world), passing thousands of 
homes set in hillside gardens that look 
down over a city below, out across a 
blue bay, to where Mt. Tamalpais 

guards a Golden Gate My City, 

known far and wide as "Oakland, Most 
Beautiful of World Cities" ! 

A Literary Center 

City of Inspiration that gave to a 

world Jack London's "Call of the 
Wild," Edwin Markham's "Man With 
the Hoe," Joaquin Miller's immortal 
"Sail On and On." 

With a mean temperature of 58 
degrees, and 59 the point of perfection, 
Charles Schwab says My City has the 
most equable and efficient climate on 

The "Literary Digest" states our 

health record infant mortality last 

year lowest of the forty-seven largest 
cities of America. 

Western outpost of a nation! Situ- 
ated on the mainland side of San Fran- 
cisco Bay, finest harbor in the North 
Temperate zone. Terminus of every 
railroad running to the water's edge in 
all the 1300 miles from Portland to 
Los Angeles. With a hundred square 
miles of level usable land for our man- 
ufacturing. Fronting a hundred and 
ninety square miles of deep water for 
our commerce. With hydro-electric en- 
ergy from our mountain streams and 
fuel oil from our valleys delivering 
power to the factories of Oakland 
cheaper than coal to Pittsburgh. 
The Heart of California 

All four of the great fundamentals 
are ours. We're the heart of California, 
richer in combination of agriculture, 
mining and forest wealth than any 

equal area of land on earth. We're the 
home port for the Alaska Packers, 
largest fleet of fishing vessels that sails 
the ocean. 

For our recreation 6000 miles of 
paved highways radiate out of Oakland 

into a land of history and romance 

land of the Padres and the Missions; 
into Tahoe and Yosemite and the Big 
Trees. California, the playground of 

Before us on the shores of the Pacific 
two-thirds of the population of the 

globe offering three-fourths of the 

raw wealth of the earth in exchange 

for the manufactures of America and 

Oakland the city of service to them 
both; twenty days nearer the Orient 
than the great ports of the Atlantic 
and of Continental Europe, with nat- 
ural monopoly on the trade of a world. 
A Natural Distributing Point 

Nineteen out of twenty of the great 
nationally advertised concerns recently 
placing their plants on the Pacific Coast 
chose Oakland for their home. Over 
one-half of the nineteen largest of their 
kind in America. General Electric told 
us: "You're the natural inevitable dis- 
tributing point for the Western World." 
Our Educational Facilities 

With a school system rated one of 
the finest in America; with innumer- 
able churches and libraries and public 
parks; with a playground system judged 
the model of the world at the Panama- 
Pacific Exposition. Home of Mills Col- 
lege, only woman's school of collegiate 
rank west of the Mississippi. The Uni- 
versity of California, largest university 
on earth, with a student enrollment of 
more than I 7,000, the University of a 
Western World within walking dis- 
tance of our homes. 

The Athens of the Pacific 

To us today, like to Athens of old 
on a Mediterranean, come men from 
all parts of a Pacific world, brought by 
the peaceful pursuits of industry and 
trade; sending their sons after them, to 
sit on our hills at the feet of our mas- 
ters and learn the great truths of Occi- 
dental civilization; returning bearing 
back with them the light of a new era 
to that oldest of all civilizations sleep- 
ing in darkness where civilization 

Like Athens of old so shall my city 
remain enduring through all time be- 
cause of this, the highest of all her 
services to the sons of men. 

• Bankitaly Life 


Avoid "Space-Fillers" 

Article V. 

By W. J. Marra, Director of Correspondence, Bank of Italy 

Perhaps the most negative and deadening quality common to the majority of 
modern business letters is the use by correspondents of stereotyped or trite 
expressions. Nothing is more indicative of a person's inability to write clearly, 
simply, and effectively than the usei of such phrases. 

No matter how much a dictator may try to write "better" letters, the task is 
impossible of achievement unless he "throws overboard" out of his craft of 
thought, the, dead and meaningless phrases that fill space but add nothing to the 
betterment of the letter. 

Stereotyped phrases and hackneyed expressions may be good "space-fillers," 
but they remind one of an automobile trying to climb a steep and difficult hill 
with the emergency brake on. Since the aim of modern business letters is to 
present ideas simply and directly, in language which the reader can easily under- 
stand and which he can intelligently act upon, "space-fillers" of whatever variety 
are "dead weight" and must be eliminated if such purpose is to be accomplished. 

It may be true, as our English cousins will tell us, that such phrases are the 
very life (?) of English correspondence; that such phrases have been of help 
to Great Britain in spreading her commercial supremacy over practically the 
entire world; that all non-English speaking nations using English in their corre- 
spondence adhere conscientiously and meticulously to such expressions as: "We 
beg to acknowledge receipt of your kind favour of the 1 5th inst.," and "Thanking 
you for your valued patronage, we beg to remain." Nevertheless, the fact remains 
that that kind of correspondence is not compatible with American spirit. 

The American method is more direct, more snappy, has greater "punch" with 
the elimination of superfluous words than has the ponderous business language 
and style of the English. Therefore, use a language and style that is typically 
American, and reflects Americans. 

Just glance at the following "space-fillers" and see how they "clutter up" the 
thought without adding any fresh, live idea to it: 



i "w u i ^i_ t This expression is wordy and awkward. 

1. We would ask that you c - i i l -n j c 

i ■ ji ». J bix words are used where one will do. Day: 

kindly .. D] „ J 


"Please implies the asking of a favor of 
some kind. No such favor is being asked 

2. "Enclosed please find" or "Find" means to come upon something 
"Enclosed you will find" that has been lost or mislaid. No such idea 

is expressed here. 

Therefore, simply say: "Enclosed is" or 
"Enclosed are." 

"We would request that you" is an awk- 
ward and long-winded way of saying 
"please." "Kindly" means in a kind manner. 

3. "We would request that you It is wrongly used for "please." 

kindly locate this document "Locate" means "to place" or "to put" 

and return to us" in a permanent position. It is wrongly used 

for "search for," "look for," or "find." 

Therefore, simply say: "Please look for this 

document and, if you find it, return it to us." 

■Bankitaly Life 


4. "We beg to acknowledge re- 
ceipt of your favor of the 
20th inst." 

This sentence is both stereotyped and 
wordy. We do not "beg" in our modern 
business letters unless we desire to get on 
our knees to the reader. "Beg" is a relic of 
the seventeenth century, of the times of 
formal, exaggerated politeness. Today, we 
want simple courtesy. 

"Receipt" should be used only when one 
desires to use it formally, such as when re- 
ceipting for money. 

"Favor" never means "letter" in modern 
business language. 

"Inst.," "ult.," and "prox." are abbrevia- 
tions of Latin words, not English; and, pecu- 
liarly, they do not mean what we intend 
when we use them. 

A better statement would be: "We have 
your letter of February 20" or "This is in 
reply to your letter of February 20." 

5. "We enclose herewith" 

"Enclose" signifies with the letter. There- 
fore, "herewith" is superfluous. Say: "We 

6. "Please be advised 
have today, etc." 

This is a legal phrase that is wordy and is 
that we wrongly used in business correspondence. 
Leave out the first four words and say sim- 
ply: "We have today ." 


>f recent date to 

This statement neither fixes the date nor 
indicates the subject matter. The expression 
is absolutely "dead" and forcibly indicates 
that the dictator is "dead." Limber up and 
throw some "punch" into the idea so that 
the reader can feel and see you. 

A better statement would be: "Thank you 
for your letter of February 1 4 giving me the 
facts regarding the Blank loan." 

This is a weak, ungrammatical attempt to 
fix an important idea in the mind of the 


is misusec 

"Kindly advise at your con- 
venience, and oblige" 

"Kindly," we hav< 
for "please." 

"Advise" means to give advice, the kind 
of advice which a physician or a lawyer may 
give. It is therefore hardly ever used cor- 
rectly in modern business language. It is 
better to use "inform" or "tell." "And 
oblige" means nothing, is put in to fill up 
space, and reminds one of the last, hurried 
bow of the inexperienced singer or speaker. 

"Please send us the requested information 
at your convenience" would be correct in 
the cases where this idea would fit. 

(Continued on page 8) 


■ Bank Italy Life 


'SPACE-FILLERS" (Continued from page 7) 

9. "Thanking you 
we remain" 

in advance, 

"Thanking you in advance" is doubly dis- 
courteous because (a) it thanks before the 
act is done, thereby putting the reader under 
the obligation of doing what is requested, 
(b) It thanks now because the writer is 
going to be too busy to take time later to 
thank the reader, after the act is done. "We 
remain" is nonsensical because you don't 
"remain" (which means "put," "placed," 
"stay," etc.) 

Since the whole manner of presentation is 
wrong, the idea must be changed entirely. 
Say something specific, similar to: "We 
should appreciate your obtaining this infor- 
mation for us." 

10. "Trusting that we have han- 
dled this to your entire satis- 
faction, we are" 

This expression is negative in tone as well 
as wrong grammatically. The natural sug- 
gestion to the reader after such an ending is 
that the writer is in doubt as to the suffi- 
ciency of his own performance of the trans- 
action. Avoid this method of practically tell- 
ing the reader that you do not believe that 
you have handled the matter correctly, and 
tell him that you have. Say something sim- 
ilar to this: 

"If there is anything else that we can do 
for you in this transaction, please let us 

In passing, I do not want you to overlook the fact that "and oblige," "we 
remain," "we are," "I am," etc., in addition to being offensive because they are 
stereotyped, hackneyed, and "space-fillers," are also extremely offensive because 
they are grammatically incorrect. Their use enforces the inclusion of the com- 
plimentary closing and the signature as parts of the closing sentence. This 
should not be. 

Until American dictators rid themselves of these "space-filling" expressions, 
and others similar to them, their letters cannot be personal or individualistic. 
Their letters will never pulsate with that warmth and good-feeling which is an 
innate part of American business. 


Clarence Cuneo was fixing his auto. 

"Trouble?" asked Tom Burnes. 

"Some," was the laconic answer. 

"What power car is it?" 

"Forty horse." 

"What seems to be the matter 
with it?" 

"Well, from the way she acts, I 
should say that thirty-nine of the horses 
were dead." 


Little Rex Dugan giggled when the 
teacher read the story of a man who 
swam a river three times before break- 

"You do not doubt that a trained 
swimmer could do that, do you?" 

"No, sir," replied Rex, "but I won- 
der why he did not make it four, and 
get back to the side where his clothes 

19 2 4] 

Bankitaly Life 


W.F.Cheney, Jr. 

"The Non-Skid Household 

Some Up-to-date, Homely Philosophy 

By William F. Cheney, Jr., 
Statistician, Bank of Italy 

The non-skid 
household tire is as 
yet but slightly 
known to the general 
public, although it 
possesses many fea- 
tures superior to 
those of tires which 
have been on the 
market for many 

Shock Absorption 
The first thing we 
look for in a tire is 
its power of absorbing shock. Shock 
absorption is vital to the value of a 
tire. Without it, auto riding would be 
as uncomfortable as riding on some of 
the car lines of a city. Even at a mod- 
erate speed, the paved streets here- 
abouts would rattle the teeth out of 
anyone riding in an automobile whose 
tires had no power to absorb shocks. 
But worse than that, if going at a more 
rapid pace of, say, thirty or forty miles 
an hour in an average Ford, or even 
in an automobile, should some magic 
touch suddenly freeze the tires into 
inelastic solids,' disaster would unques- 
tionably ensue. 

Traction or Non-skidability 

The second feature we require in a 
tire is best known by the term trac- 
tion. This may be colloquially defined 
as non-skidability. Traction is even 
more essential to the motorist than 
shock-absorption. Without traction, a 
moving automobile cannot be kept 
from skidding. It can neither be 
steered nor stopped by the driver. He 
is absolutely helpless to control his 
car, and can only hope he may land 
on a soft spot. An even more funda- 
mental value of traction is brought to 
light, however, when we consider that 
no car can start up on the level with- 
out traction, let alone succeed in 
climbing a hill. 

No one in his right mind is likely to 
buy a tirei which lacks the two features 
of shock-absorption and traction. An- 
other small detail which must not be 
overlooked in purchasing a tire is to 

see that the tire is of such size as will 
fit the rim of the wheel on which it is 
intended to be used. I once knew a 
fellow to buy a fine-looking tire, think- 
ing he had a great bargain, only to 
find it was an odd size which would 
not fit a single car in his village. 

Tires Must be Watched 

When a tire is purchased and fitted 
on to an automobile, some careless 
drivers give it no more consideration 
until it blows out after four or five 
thousand miles of rough usage. A care- 
ful motorist realizes, however, that he 
must watch his tires very closely if he 
is to get from them the maximum of 
possible service. The chief thing he 
has to watch is air pressure. To get 
the best results, this must be readjusted 
frequently to meet changing conditions 
in temperature, climate, road-bed, and 
the age of the tire itself. The motorist 
must hold himself ready with the 
proper equipment to repair or change 
his tire as soon as it may become nec- 

"Getting Close to Home" 
A Non-Skid Household Tire does not 
fit an automobile. It fits a household. 
And if this tire fits perfectly and func- 
tions properly in every respect, it 
changes that household into a home! 

The traction of the non-skid house- 
hold tire enables the household to start 
up, direct its course, and slow down as 
may appear advisable. But without 
traction it is impossible to make the 

Some deluded families begin at the 
top of the hill and coast down. As 
long as they keep going, they don't 
worry as to their destination. But when 
they have slid onto the plain of middle 
age, they lose their impetus. They are 
down and out. Their engine may turn 
beautifully, but without traction they 
inevitably come to a dead stop. The 
very best for which they can hope is 
the ignominy of being towed. 

The Non-Skid Household Tire is 

the Budget 
The Non-Skid Household Tire is 
that system which will enable the fam- 
ily using it to travel through life with 
the greatest comfort, and at the same 
time build up an emergency reserve 
fund and progress upward in the 
chosen, right direction, avoiding obsta- 
cles. The basis of this system is the 


Bankitaly L i f 


Head Office News 

W. J. Marra 

W. J. Marra, of the 
English Department, 
University of Califor- 
nia, who has been 
giving instruction and 
advice relating to 
correspondence at 
the head office, has 
been appointed a 
regular member of 
the Bank of Italy 
staff, with the title of 
"Correspondence Di- 
rector." Mr. Marra 

will enlarge the scope of his work by 
extending his activities to all branches 
of our bank. 

When John I. Riordan, Jr., son of 
the assistant manager of our credit 
department, arrived on January 30, he 
was immediately proposed for member- 
ship in the Olympic Juniors, a tribute 
to a physically perfect boy. 

When Eddie Bryan, elevator oper- 
ator, came into our employ, he at once 
began to draw on his imagination 
whenever a patron's "floor call" was 
mystifying. One day Tommy Gibbons, 
who just loves to indulge in a little 
slang, got into Eddie's car at the first 
floor and said "Duck," when the oper- 
ator immediately dropped him to the 
Safe Deposit Department. Shortly after 
this incident, Al Fenton, assistant per- 
sonnel officer, said, "I have one that 
will surely stump that chap." So Mr. 
Fenton walked into the lift, and said, 
"Knights Landing, please." Without 
even an inquiring glance, Eddie took 
Al to the fourth floor, where Mrs. 
Knight directs the activities of the 
Women's Banking Department. 

Mrs. Ida Treese Fleming, wife of 
Frank D. Fleming, a former editor of 
Bankitaly Life who passed away five 
years ago, is now a member of the 
Children's Hospital staff in San Fran- 
cisco. Mrs. Fleming has asked us to 
give publicity to the establishment of 
a Diphtheria Prophylaxis Clinic, where 
children can be immunized against 
diphtheria by an injection that is abso- 
lutely harmless. As six hundred chil- 
dren pass away annually in California 
from this dread disease, it is hoped 
that parents will avail themselves of 
this preventive measure, when infants 
reach the age of one year. 

Juliette Atkinson, of our credit de- 

partment, is the happy possessor of a 
new pair of French shoes, for which 
she paid $1.95 net. They are such tiny 
things that we could hardly believe 
they cost so much, but Julie showed us 
the sales tag, which absolutely proved 
her contention. We almost forgot to 
state that this young lady now wears a 
beautiful wrist watch, the recent gift of 
a very fine gentleman, who, we under- 
stand, is to bestow his name on our 
friend as further evidence of his de- 

At a meeting of the executive coun- 
cil of the American Institute of Bank- 
ing, 1 a plan was adopted that will pro- 
vide local instructors for units of ten 
or more students who subscribe to the 
correspondence courses of the Institute. 
The courses in banking, economics, 
and law offered by the A. I. B. have 
been most effective in cities large 
enough to support chapters and employ 
local instructors. 

Byron Smith, of our mail depart- 
ment, has signed with the S. F. "Seals" 
for the 1924 baseball season. Young 
Smith is a college student, besides 
being a mail clerk, and next June ex- 
pects to get his "A.B.," or rather the 
degree of Bachelor of Arts. Byron says 
this is from the Latin artium bacca- 

HOne day last month 
there was a great 
flurry on our third 
floor when someone 
said exultingly, "Have 
you heard about 
Louis Ferrari's good 
fortune?" No one 
seemed to have been 
advised that our re- 
spected trust attorney 
was the subject of 
special congratula- 
Mr. Ferrari tions and a guessing 

contest was instituted 
as to what might have come into his 
busy life. The suppositions took a 
wide range from "another baby in the 
family" to a belated recognition by 
Congress of Louis' exceptional services, 
while a Lieutenant in the U. S. Navy. 
"Your surmises are incorrect," said 
Mr. Ferrari's herald, "for it is rumored 
that he has been named Pro Assistant 
Vice-President of the Bank of Italy." 
(This rumor, however, has not yet been 

B a n k i t a I y Life 


L. G. Worden 

L. G. Worden, as- 
sistant vice-president, 
passed away at the 
Dante Sanitarium on 
February 1 6, after a 
brief illness. This 
gentleman became 
identified with our 
bank at the time we 
established a branch 
in Merced, when he 
was named "Farm 
Loan Manager" with 
headquarters at the 
head office. When the Bank of Italy 
entered Sacramento, Mr. Worden was 
made an executive of our branch at 
the State Capital, where he served 
faithfully with our late vice-president, 
Colonel John S. Chambers. The demise 
of these brother officers and close 
friends within the short space of three 
months was a sad blow to our splendid 
organization in the Sacramento Valley 
and to cur clients in that section of 
California, all of whom respected these 
two good men. 

Following along the lines of official 
promotion indicated in our last issue, 
James A. Bacigalupi, vice-president in 
charge of all trust activities, has been 
elected senior vice-president of the 
bank. His duties will be taken over by 
W. J. Kieferdorf, trust officer in San 
Francisco, who has been elected vice- 
president in charge of all the bank's 
trust duties throughout the State. 

Another important change in our 
official staff has been the election of 
W. R. Williams, cashier at the head 
office, to a vice-presidency, and his 
transfer to our Los Angeles head- 
quarters, from which Mr. Williams will 
direct the bank's trust activities in 
Southern California. A. J. Mount, vice- 
president, who has been our ranking 
officer in Oakland and the East Bay 
Counties, succeeds Mr. Williams in San 
Francisco as cashier, with title of vice- 
president and cashier. 

John Woodhull, age 88, Cherokee 
Indian and local news "boy," has just 
passed on. Jack was a familiar figure 
at the opening of our head office on 
June 2 7, 1921. On that occasion he 
said to Joseph E. Newman, in charge of 
our Information Desk, "In the large 
number of nationalities represented at 
this reception, there is only one real 
American, and that is I, John Wood- 
hull, Cherokee Indian." To make this 

assertion emphatic, Jack pounded his 
wooden leg on the marble floor. 

In the radio appeal for the S. F. 
Community Chest made by Major 
Epstein, our vice-president, he said: 
"Although charity is inspired by the 
highest and most uncalculating mo- 
tives, it must nevertheless be practical 
and scientific in its actual administra- 
tion if it is to attain a maximum effect- 
iveness. It has been found that real 
organization is required to protect 
against fraudulent or ill-considered ap- 
peals and to create a force whose busi- 
ness it is to see that wasteful giving is 
reduced to the minimum. The ultimate 
aim of such an establishment is, there- 
fore, to provide a means whereby the 
maximum of effectiveness .nay result 
from the expenditure of each dollar." 

Joseph F. Kopecky, representative of 
our school savings department in the 
Sacramento Valley, has just received a 
"leap year" proposal from a venerable 
lady. It read as follows: 

I've waited for a long, long, time, 

For a chance to say, 
"Oh! will you be my Valentine, 

Today and every day?" 

Here is Joe's poetic reply: 

The sky is blue, 

The pink is pink, 
I'll be your Valentine, 

I don't think. 


One surprising aftermath of the 
great war is the apparent apathy of 
former soldiers and sailors toward the 
life insurance Uncle Sam sold them in 
1917-18. The United States Veterans' 
Bureau states that only 600,000 men 
from nearly 5,000,000 who were orig- 
inally insured have reclaimed their in- 
surance. This is remarkable in view of 

the fact that Government Insurance 

available only to those who were in 

military or naval service is sold at 

actual cost. The veteran can buy his 
life insurance from the Government for 
from 15 to 30 per cent less than the 
same insurance would cost him on the 
outside. The ex-service men's indiffer- 
ence toward this valuable privilege can 
only be accounted for by the fact that 
the truth is not generally known. 

The United States Veterans' Bureau 
announces that the insurance dropped 
by the men is still being held for them. 


Bankitaly Life 



t«ani R E S N O , FIRST 
^W BRANCH — O. J. 
^M Woodward, vice- 
,.<* <^| president, is on 
%r- ■ his way around 
-t ^H the world. Our 
^J Jfl chief has made so 
m| I many trips abroad 
j^f-tl t^ at ^is present 
,^i I voyage has been 

^ referred to as "his 

annual circumnav- 

Mr. Woodward igation." C. 

M. LefHer has left 
us to go into the movies. We hope 
that our friend will yet play his films 

to packed houses. Lloyd Hen- 

nen now answers to the name of 
"papa" and is unremitting in his 
attention to his dear little baby girl, 
except possibly during banking 
hours, when he phones suggestions 

for her welfare. C. C. Hopkins 

is the center of a group of admirers, 
for it has been noised about that 
Clyde has a new Buick sedan, with 
four-wheel brakes. 

Ghiglieri, assistant cashier, said "my 
daughter is a very remarkable 
child," we were inclined to question 
it until we heard from Mrs. Ghiglieri, 
who confirmed Bill's estimate in 

every particular. James W. 

Bruner has been added to our staff. 
He is proving himself a valuable aid 
and an apt student of inter-branch 

banking. We are making a 

fine record in the Christmas savings 
campaign and hope to be in first 
place among the Oakland branches 

at the close of this year. Some 

nearby manufacturing plants are en- 
joying such prosperity that they are 
running day and night. 

PASO ROBLES — Another payment of 
$35,000 was recently distributed 
amongst our local almond growers, 

on their 1923 crop. When 

Miss Deitrich returned from a brief 
visit to San Francisco, where she 
went to welcome her brother from 
the Orient, her tresses were neatly 
"bobbed." We have been informed 
that this practice is steadily growing 
amongst the gentler sex. Men and 
boys may soon decide to let their 

locks grow, so as to maintain some 
distinguishing feature in the hair 
dress of the sexes. We are en- 
deavoring to obtain, for Bankitaly 
Life, some original data relating to 
the early history of Paso Robles and 
to embellish this with appropriate 
illustrations. From what we have 
already learned, our story of the 
first settlers will be intensely ro- 

PICO HEIGHTS— The "hold up" men 
have been so active in Los Angeles 
banks that one of our staff suggests 
the advisability of requisitioning the 
head office for a "mah jongg" set to 
be used in case we are locked up in 
our vault. In that way we could 
while away the time until released. 
The frequency of these depredations 
may yet make it necessary to main- 
tain a squad of soldiers around every 
bank, just as the post offices had to 
do several months ago. 

FRESNO Frank Tondel, assistant 

cashier, and A. H. Drake have joined 
a public speaking class. We are glad 
to know that these young men are 
going to help revive oratory, for we 
were afraid it was about to become 

a lost art. Our Mr. Nichols is 

teaching the elementary class at the 
local chapter A. I. B. There are few 
in our present day economic system 
that loom up near as big as a teach- 
er, and we commend Nichols for his 

commendable pedagogic efforts. 

Fresno chapter, Bankitaly Club, was 
organized here on January 1 9th, 
when Frank Risso, assistant vice- 
president, and Jos. Martyn Turner, 
assistant cashier from the head office, 
came here as emissaries to induct the 
staffs of the local branches into the 
mysteries of clubdom. The visit of 
the head office men was marked by 
a particularly enthusiastic gathering 
that took the form of a dinner dance 
at which joy reigned supreme. 

WASCO J. S. McCain, our manager, 

has been tendered the sympathy of 
his bank associates and neighbors 
because of the demise of his good 

mother. Jim Cattani, of our 

Bakersfield branch, very graciously 
assisted us during the recent absence 
of our manager. Twelve thou- 
sand dollars are now being spent on 
farm homes in and around Wasco. 

If the head office ever has a 

printing job that is too big for any 

■Bankitaly Life 


San Francisco plant, send it to 
Wasco, for we have a local print 
shop that can turn out anything 
from a metropolitan journal to a 

business card. We have also, 

one of the, largest department stores 
in California, not quite so large as 
the Emporium in San Francisco, or 
Hale's in Los Angeles, or Capwell's 
in Oakland, but a great big store, 
just the same. 

TAFT It is said that Alaska produced 

six million dollars in gold during the 
past year. Our readers may be sur- 
prised to know that oil producers in 
Taft and contiguous territory realize 

that much every iwo months. 

Our population is 3317, but 25,000 
people are directly dependent on the 
prosperity of this community, which 
is situated on the west side of the 
San Joaquin Valley, 30 miles south 

of Bakersfield. Our oil field, 

the most stable in California, helps 
to make it possible for more than 
one million motor vehicles to operate 
in California. 

locking stranger, who had been vio- 
lating the Volstead act, approached 
J. B. Olcese, our manager, a few 
weeks ago and said he wanted to 
open an account. Upon being asked 
the customary question, "What is 
your occupation?" he said, "I am an 
actor." Mr. Olcese did not recog- 
nize the name of the Thespian, so 
he said, "What kind of an actor are 
you?" "A bad actor," was the reply. 

Rex A. Wright, our former 

assistant cashier, has been trans- 
ferred to Los Angeles and A. E. 
Puccinelli now bears the same title 
as Rex. We congratulate both of 
these young men on their new assign- 
ments and trust that Art will become 
so fascinated with his executive 
duties that he will not miss golfing, 
which we understand has a strong 
hold on his affections. 

GILROY — We hailed with joy the ad- 
vent of a branch of our bank in 
Watsonville, a city that has, for over 
sixty years, been regarded by us as 
a "good neighbor," with a real 
neighborly spirit. We know that the 
establishment of the Bank of Italy in 
"apple town" will mean increased 
prosperity for that community, by 
assisting its orchardists to market 
their annual crops in hitherto un- 

developed territory at home and 

HANFORD We congratulate our San 

Luis Obispo branch on its fine build- 
ing. One by one our various 
branches are being provided with 
new or remodeled quarters, but poor 
little Hanford seems to be over- 
looked. We wonder if the real estate 
department at the head office realizes 
the "psychological value of a new 

suit of clothes." Late reports 

from Little Schnereger and Little 
Speck, "junior" members of our 
staff, are very encouraging. Speck 
is in the lead with six teeth, while 
Schnereger has but two, both of 
which, papa says, must be "wis- 
doms," because the baby is unusu- 
ally precocious. We wish a 

certain individual named Clark at 
the head office would quit writing 
endearing letters to our stenogra- 
pher. We don't mean R. M. Clark, 
as we know he wouldn't do anything 

like that. R. W. Humphreys, 

one of our prominent associates, has 
a little "side line" that should inter- 
est all the swell dressers in our or- 
ganization. Write Humphreys direct 
for information and enclose a two- 
cent stamped envelope for reply. 

SAN MIGUEL — We are about to launch 
a new industry in San Miguel, by 
placing on the market what is called 
Diatomaceous Earth. This is a very 
light, white, soft rock that is used 
for many purposes. 100,000 tons 
have been ordered by a firm in 
Berkeley, where a factory has been 
erected to prepare it for commercial 
use. Mr. Pendery, our manager, says 
that the word "diatomaceous" is de- 
rived from diatomic, a chemical term 
meaning "two atoms," as for in- 
stance a diatomic molecule. 

REDWOOD CITY— G. M. McClerkin, 
of the finance committee, head office, 
called during the past month and as 
usual was so absorbed in his official 
duties that he did not have time to 
see our famous "natatorium," a term 
that Frank Fitzpatrick applies to San 

Francisco Bay. When L. P. 

Behrens, president of the First Na- 
tional Bank, met an untimely death, 
through an automobile accident, our 
community lost its best known citi- 
zen, for Mr. Behrens was very active 
in many local enterprises. He was at 
one time president of the California 
Bankers Association. 


Bank italy Life 


COMPTON — Our community, some- 
times known as 
"wonder city," is 
half way between Los 
Angeles and Long 
Beach. In 1865 
Messrs. Compton and 
Morton bought the 
present site of Comp- 
ton for $5.00 per 
acre and then laid 
cut the future city. 
It was not, however, 
until very recently 
that Compton was 
G. D. Compton "discovered," for in 
1920 we had a population of only 
1460, but now ten thousand people 

call Compton "home." The 

establishment here of a branch of 
the Bank of Italy, with E. C. Wilson 
as manager, is considered one of the 
greatest compliments that could have 
been paid by California's big bank 
to any community, and all Compton- 
ites appreciate this tangible ac- 
knowledgment of our solidity and of 

our future. We are about to 

move to larger quarters, a few doors 
from our present location, where we 
shall have much better facilities for 
carrying on our work and assisting 
in making Compton in fact, as in 

name, a "wonder city." Horse 

owners around Compton know that 
the auto has a lot of advantages, but 
they also know you don't have to go 
out on a cold morning and pour a 
bucket of hot water into the horse 
to get it started. 

SAN LUIS OBISPO— We have sent the 
editor a picture of our remodeled 
building, that has been so thoroughly 
transformed as to be almost a brand 
new structure. We are proud of our 
branch's home and feel that the 
people of this community share our 
pleasure in enjoying metropolitan 
banking facilities that are dispensed 

under ideal conditions. Our 

Mr. Manfredi has been happily mar- 
ried and Mr. Goranson has an- 
nounced his engagement. Mrs. Man- 
fredi and Mrs. Goranson to be are 
both natives of this city that is 
famous for its equable climate and 
its charming women. 

STOCKTON— J. S. Reilly's fractured 
ankle is now functioning in nearly 

a normal way. Jim made good use 
of his time while incapacitated, for 
he correlated his "observations" 
made when in Europe, which he may 
yet put in book form. If he does, 
we shall "review" his literary effort 
for Bankitaly Life. Vera Sax- 
ton has been carrying about, what 
appeared to be a bank examiner's 
portfolio, but it may have been a 
music case. At any rate, it causes us 
to think that this young lady is in- 
terested in something or somebody 
outside of the sphere of her fiduciary 
responsibilities. That is perfectly all 
right, Vera, but we must confess our 
curiosity has been aroused. 

Down to S. L. O. went Adolph 

To get a Jap who forged a 

When Mister Beck returned, 

quoth he, 
"The Oriental got away from 

MODESTO — A stationery room has 
been fitted up in our basement and 
we take as much pleasure in this 
convenient sub-floor adjunct as some 
people, who pride themselves in hav- 
ing "regular" cellars. Al- 
though several weeks of the present 
Leap Year have passed into history, 
not one of our young ladies has 
taken advantage of it; but then the 
year is young and one can never 

LOS ANGELES — In the December 
number, Bankitaly Life, there was a 
poetic allusion to the "value of a 
smile." W. T. Wise of the Commer- 
cial National has figured this out 
and submits the following verses as 
his answer. 

The thing that goes the farthest 
Toward making life worth 
That's worth the most, that 
costs the least, 
Is just a pleasant smile. 

'Tis full of worth and goodness, 

With many a kindness blent, 
'Tis worth a million dollars, 

And it doesn't cost a cent. 

■ Bankitaly L i f e 


SACRAMENTO — Shortly after How- 
ard Fairfield announced his engage- 
ment to Miss Winifred Grady, he 
was seen listing a good-sized draft 
on New York. This caused one of 
his co-workers to say, "Howard, 
how would you like that as a travel- 
ing companion?" to which he gal- 
lantly replied, "I have already se- 
lected one, but I wouldn't object to 

it as a lining for my suit case." 

Last year the young ladies in our 
transit department could differen- 
tiate between the different kinds of 
autos for which licenses were de- 
sired, by the size of checks sent to 
the state motor vehicle department. 
For instance, they would say "hand 
me those lizzie checks" or "run 
these big sixes." This year, how- 
ever, these pleasantries are not in- 
dulged in, for checks are all of one 
size, $3.00, and we are handling 

hundreds of them every day. 

Our annual dinner was postponed 
for one month, because of the un- 
timely death of our devoted chief 
and vice-president, Colonel John S. 
Chambers. The gathering took place 
in the banquet room of the new Sac- 
ramento Public Market and a boun- 
tiful repast was served by Durang 
and Schmidt, caterers. W. W. Doug- 
las, vice-president, was toastmaster, 
and the following responded to 
toasts: Messrs. Mitchel Nathan, 
George G. Radcliff, W. R. Giorgi 
and Harrison F. Faust. The directors 
and staff of the Bank of Sacramento 
were our honored guests. 

LOS BANOS That Pacheco Pass is 

being well patronized is evident from 
the fact that our local speed cops 
are apprehending many violators of 
the traffic laws, who cannot resist 
the temptation to "step on the gas" 
while traveling over this ideal high- 
way. We were sorry to lose 

our manager, Mr. Cornett, who is 
now an executive at the big Salinas 
branch, where we predict he will be 
remarkably successful. Mr. Thiercof 
succeeded Mr. Cornett and we look 
for continued prosperity under his 

careful guidance. A big hotel 

enterprise, involving an outlay of 
$200,000, is now under way in Los 
Banos and one-half a million dollars 
is at present being expended on other 
substantial improvements. 

MADERA Mr. and Mrs. Frank J. 

Oneto have a very handsome little 
twelve-pound baby boy who has been 

named Frank Bruce. Recent 

additions to our staff are Mary Butler 
and Glenn Baker and we welcome 

these young people. MissReid, 

stenographer, who left us to become 
the bride of Charlie High, calls at 
our branch occasionally and we are 
glad to have Mrs. High evince this 
kindly interest in our welfare. 

MARYSVILLE— The Peach Belt Chap- 
ter A. I. B., with a membership of 
seventy, is now functioning under 
the capable management of H. L. 

Forkner. Riley Lane of our 

transit department has succeeded 
Dudley Robbins, bookkeeper, who is 
now on the staff of the Northern 

California Bank of Savings. A 

new building is being erected here 
for this branch. In the meantime we 
are fairly comfortable in temporary 

WOODLAND The original name of 

our branch was the Farmers and 
Merchants Bank. The first meeting, 
leading to the formation of that old 
bank, was held on August 20, 1892. 
A lot was purchased and ground 
was broken in 1893. The new bank 
structure was modeled after the 
California National Bank of Sacra- 
mento, Arizona red rock being se- 
cured for the exterior walls. Our 
building appears today "as good as 
new," mute testimony to the wisdom 
of those who sponsored the erection 
of it. The Farmers and Merchants 
Bank was opened for business in 
January, 1894, and continued under 
that name for I 5 years, when it 
was nationalized as the First Na- 
tional, with which was affiliated the 
Home Savings Bank. On July 22, 
1 922, these two banks came into the 
Bank of Italy system as the Wood- 
land branch, thirty years after the 
"birth" of the Farmers and Mer- 
chants Bank. 

"The way to keep the greatest things 
in life is to give them away. The singer 
his voice, the poet his song, the artist 
his imagination, the strong man his 
muscle, and every man his personality. 
Success does not operate apart from 


Bankitaly Life 


Mr. Mount 

OAKLAND — Arnold J. Mount, vice- 
president, has been 
transferred to the 
head office as vice- 
president and cash- 
ier. We feel doubly 
honored in having 
this unusual distinc- 
tion conferred on the 
chief executive of the 

Oakland branch. 

Irene Marini, of our 
stenographic depart- 
ment, left us on Jan- 
uary 3 1 to sail on the 
matrimonial sea. May her voyage be 
marked by smooth sailing and clear 

skies. This reference to our 

young lady friend recalls those lines 
in "H. M. S. Pinafore" that are ap- 
plicable to certain bankers who have 
ambitions to obtain nautical titles 
without going to sea: 

Stick close to your desks and 

never go to sea, 
And you all may be rulers of 
the Queen's Navee. 

When the members of our 

basket-ball team won a game at Fort 
McDowell they were so elated that 
they "did not get home until morn- 
ing." Score 23 to 13. Our 

athletes gave a ball at E. Bell's Hall 
on February 8th, that was a great 
success, socially. 

PINE AVENUE — We think that our 
bank associates will soon begin to 
realize that Long Beach must be 
some city, when it claims three 
branches. This is a matter of which 
to boast, for we know that Los An- 
geles has only four branches, and 
cities like Stockton and Sacramento 
have but one. The hardy ever- 
green from which our avenue de- 
rived its name may be likened, in a 
way, to our great bank, because of 
the prominent part that the pine iree 
is playing in the development of the 

Pacific Coast. May we suggest 

that our associates consider Long 
Beach when in search for rest and 
comfort, under ideal conditions and 
"In the Autumn of life when 
they feel a declining, 
May their lot no less fortu- 
nate be 
Than a snug elbow-chair can 
afford for reclining, 
And a cot that looks o'er our 
wide sea." 

BAKERSFIELD — Louis V. Bennett, as- 
sistant cashier and former local trust 
officer, is now chief of our San Diego 
trust department. Louis writes very 
enthusiastically of the climate in 
California's southernmost city and 
we hope he will yet achieve in such 
a big way in his banking activities 
that he will be no less enthusiastic 
about the San Diego trust depart- 
ment. Bakersfield is looking 

forward toward an unusually good 
year, for the oil companies are open- 
ing up their wells for maximum pro- 
duction. Then, our agricultural re- 
sources have received a real stimulus 
as a result of a favorable cotton 
market. We anticipate that all avail- 
able cotton land will be under culti- 
vation this year. We congrat- 
ulate Mr. Borgwardt on his marriage 
and felicitate Miss Wright on her 
engagement. While on the subject of 
love, may be submit a few lines that 
our Ruth Parish has dedicated to 
Tellers Clyde Hislop, Vivian Benz 
and James Cattani. 
"I'm feeling simply awful, 

I'm as sick as sick can be, 
I don't know what's the matter, 
But something's wrong with 

Why don't I see a doctor? 

What good could he do, 
If he'd ask me for the symp- 
I wouldn't know what to say. 
I'll confess there's something 
About this little spell, 
And the funny thing about it is, 
I hope I don't get well!" 

SAN MATEO— The "Half Dollar Bill," 
a movie filmed in San Mateo at the 
Pacific Studios, made a great hit 
when produced in San Francisco. 

Paul Perrin and Edward Dur- 

kee are now in our bookkeeping 
department and go about their work 

like veterans. Grant Sweet, 

our former head accountant, is now 
assistant general manager, of the 
T. K. K. Steamship Company. Just 
before Grant left us, it is said, he 
was annoyed at receiving a com- 
munication in which his name was 
turned around. 

9 2 4] 

■Bankitaly Life 


SANTA CLARA — W. W. Kenville, for- 
merly of San Jose branch, has been 
appointed an assistant cashier as the 
successor of C. B. Lansdown, who is 
now a resident of Monterey. We 

welcome Walter. Messrs. 

Ernst and Todd of our bond depart- 
ment called a few weeks ago. It 
was the first visit to this branch of 
Mr. Ernst, who admitted, however, 
he had often "heard" of the Santa 

Clara Valley. The extensive 

improvements at our local Univer- 
sity, represented by immense new 
buildings, are nearing completion. 
In the midst of these modern struc- 
tures the old Mission Church stands, 
a monument to the intrepid Fran- 
ciscan Padres, who came here when 
the U. S. was a baby among the 

SAN JOSE John Y. Somavia has been 

appointed an assistant cashier at this 
branch and has received congratula- 
tions from every part of California, 
attesting to his popularity and wide 

acquaintance. Edna Graessle, 

valued member of our staff, has been 
married to Henry Wanderer of 
Sunnyvale. Just prior to her depar- 
ture Miss Graessle was tendered a 
reception and shower by her bank- 
ing associates. 

SAN PEDRO When the Empress of 

Canada visited San Pedro a few 
weeks ago, "she" was given a hearty 
welcome by prominent citizens from 
our sister city of Los Angeles, among 
whom were Messrs. Micheletti, Nest 
and Dodd of our Los Angeles head- 
quarters. E. M. Toscanini, our as- 
sistant cashier, 'was also on the re- 
ception committee that boarded the 
big liner, the largest vessel of its 
kind that ever entered our harbor. 

Mr. Fatrious, pro assistant 

cashier, was transferred to Los An- 
geles last month. He was succeeded 
by Signor Guibilaro from the big 

OROVILLE — Ray Williams, formerly 
of Gridley, is now one of our staff. 
When our clients heard that his name 
was "Williams" many of them 
thought he was our Cashier from 
the head office, up here on an in- 
spection. They were satisfied that 
such was not the case when they 
heard us call Ray by his first name, 
for they knew we would not dare 
take such liberties with Cashier 

Lee and Joe Dito were in Landucci's 
root beer parlor recently, they saw 
a man coming out of a hotel carry- 
ing three grips. These boys thought 
that the "baggage man" was our 
Antone Novo, so they hailed him 
and said, "Tony, drop those suit 
cases." This he did and then started 
to run, but it wasn't our Tony at all. 
Just about that time a woman cried, 
"Stop that man," so Jim and Joe 
captured the marauder and placed 
him under arrest. The Montgomery 
Street boys are always on the job. 

Staff brevities: Victor Cag- 

lieri, assistant vice-president, is con- 
valescing; John Perlite, assistant 
cashier, has been at Victor's desk 
during his absence; Peter Tarantino 
is now at Market-Geary branch; 
Willie O'Connor, teller, has been 
married to Elsie Thorpe — congratu- 
lations to Mr. and Mrs. O'Connor; 
Angelo Ferroggiaro, vice-president, 
is back again, with his old time 
"pep"; Frank Pisani passed away 
last month and we were all sincerely 
sorry; Despite the transfer of one 
million dollars to branches, we 
gained over one-half a million dollars 
in savings deposits in 1923; Mary 
Chiappari of our stenographic de- 
partment, who is also manager of 
our Girls' Lunch Room, is so capable 
a "housekeeper" that we are afraid 
of losing her. 


items: Ray Pitones, the "Valentino" 
of the S. A. C, loves the 1924 tag 
fox trot, when the ladies tag the 
gentlemen; The mechanical quar- 
tette is not heard from any more, 
except when they drink soup to- 
gether; When John De Lancey joined 
the Elks, "Val" fixed it so that Jack 
could work the next day; Judge Ira 
Henry, cur local P. M., who lives in 
Sausalito, says he will marry couples 
free of charge, when one or both of 
the interested parties belong to the 
Bank of Italy family, so why go to 
San Rafael; When McQuiston from 
the head office worked for a short 
time in the supply department, he 
■was treated one evening to an Italian 
dinner, without any grape juice, and 
Mac seemed disappointed; Walter 
Jackson of the supplies department 
is going to try and put the soldiers' 
bonus through. 


Bank Italy Life 


MERCED — Hal Shaffer, individual 
bookkeeper, is on his way around 
the world. We think Hal got the 
idea of taking this trip from O. J. 
Woodward, our vice-president at 
Fresno, with whom "globe trotting" 

has become a habit. Speaking 

of travelers, Bankitaly Life readers 
will probably remember reading of 
our Lucy Correria, who once jour- 
neyed as far as the Azores. Well, 
Lucy has gotten the wander fever 
again and is now at our Fruitvale 

branch. — Isaac Pedreira, one of 

our best team workers, is at the 
head office, taking a four months' 
course in general branch banking. 
Isaac appreciates this splendid op- 
portunity and has nothing but kind 
words for the members of the head 

office staff. Frank Garibaldi, 

assistant cashier, and a veteran fire 
fighter, who had not missed a 
"blaze" in years, slept peacefully on 
when an early morning alarm was 
turned in a few weeks ago. How- 
ever, L. T. Brown, our note teller 
and also a member of the fire de- 
partment, answered the gong and 
tried to explain Mr. Garibaldi's non- 
appearance by saying that the 3 
A. M. summons was accompanied by 
a very low temperature, which may 
have dampened Frank's enthusiasm, 
and possibly froze it. "Garry," in 
rebuttal, proudly points to his un- 
blemished record as a fireman. 

SALINAS — Bill Church, of our book- 
keeping department, has presented a 
very estimable young lady with a 
real sparkler. The happy event is to 
take place in June and we under- 
stand it will be a "Church" affair. 

The women of our bank, 

throughout California, are hereby 
notified that Salinas is a City of 
Bachelors, and very fine ones at 
that, all of whom are "willin'," pro- 
vided, however, the right girls exer- 
cise their unquestioned prerogative 

during 1 924. We are happy to 

have with us a former Salinas "boy" 
in the person of S. C. Cornett, until 
recently manager at Los Banos, but 
now vice-chairman of our advisory 

WATSONVILLE— Inasmuch as we are 
now a Bank of Italy unit, we are 

glad to express our pleasure in being 
even a baby member of the largest 
branch bank system in America. 

Watsonville's great industry 

is the cultivation of apples. In early 
days our Pajaro Valley farmers 
raised diversified crops. Later on, 
they concentrated on sugar beets and 
strawberries, but finally concluded 
that our soil was best adapted to 

apple growing. S. H. Fletcher, 

vice-president Bank of Italy, in 
charge of this branch, is preparing 
some historical data for our house 
organ, that will refer to our "career" 
as a village, town and city. This will 
be submitted soon with some inter- 
esting pictures. 

COLMA — Louis Nava of our advisory 
board and well known local mer- 
chant, is very happy, and all on 
account of the advent last month of 
a twelve and one-half pound son, 
who answers to the name of Louie, 
and who will yet be a depositor in 
our local school savings department. 

Building in Colma is very 

active. Even apartments are being 
erected here to meet the modern 

demands in economic housing. 

We were profoundly shocked to 
learn of the death of G. Capurro, 
president of the former Colma State 
Bank, who was fatally injured last 
month, while en route from Stock- 
ton. We tender our sincerest sym- 
pathy to the bereaved family. 

LIVERMORE— When G. M. McClerkin, 
examiner of the finance committee, 
was here, he proved to be highly 
inquisitive and was awfully fussy 
about loans. But Mac is all right, 
even if he did work our staff until 
10 P. M., after which he wanted to 
play ten-pins. Our boys found that 

Mac rolls a "wicked" ball. 

Contracts for the new government 
hospital have been let and prelim- 
inary work is well advanced under 
the supervision of Major W. H. Rad- 
cliffe. Over one million dollars will 
be spent on this modern sanitorium. 

VENTURA — Don G. Bowker, attorney, 
former member of our • advisory 
board, having moved to Los Ange- 
les, will serve our branch there in 

a similar capacity. We are 

looking forward to the completion 

9 2 4] 

Bankitaly Life 


Members Centerville staff in their new home 

of our new building in July. This 
modern structure will be in keeping 
with the progressive spirit that has 
taken hold of Ventura, resulting in 
an increase in our population since 
1920 of nearly 4,000 people. There 
are very few communities outside of 
Ventura and Compton that can 
boast "100% increase in four years." 

Neill Baker, assistant cashier, 

has returned from his South Amer- 
ican voyage, which he describes with 
all the fervor of an explorer. Neill 
attributes much of his success while 
abroad to his ability to dance the 
"tango." It was, he said, like know- 
ing the native tongue. Our 

annual banquet took place at Pier- 
pont Inn on February 5th. The 
"curtain raiser" was a cocktail — a 

fruit cocktail and after wandering 

through a maze of toothsome dishes 
a demi tasse was served, which 
marked the commencement of the 
post-prandial speeches. 

INTERNATIONAL— Mr. and Mrs. Bill 

Crawford are very much elated over 
their little son, an extraordinary 
child. Our local trust depart- 
ment is being enlarged again and 
we shall not be surprised to an- 
nounce the necessity for even more 
space as the months go by, for we 
have heard that W. R. Williams and 
Marc Ryan are determined to show 
northern California a few things in 
trust department development. 

VISALIA — The most important event 
in Tulare county since the dedica- 
tion of our new bank building was 
the recent marriage of our manager, 
Marsden S. Blois, to Miss Alma Mel- 
ker. This estimable young lady was 
formerly associated with the Na- 
tional Bank of Visalia. Mr. Blois is 
a graduate of the University of Cali- 
fornia and after receiving his degree 
was for a while associated with our 
head office inspection department, 
where his splendid abilities were re- 
warded by his appointment as man- 
ager at Visalia. 

Acoma Is a feminist community, where a man takes the name of the woman he marries 















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